Powell speech: Labor market is extremely tight

FOMC Chairman Jerome Powell is commenting on the policy outlook following the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 2.25-2.5%.

Key quotes

"Fixed investment looks to have declined in Q2."

"Labor market is extremely tight."

"Wage growth is elevated."

"Job growth is slower, but still robust."

"Labor demand is very strong, supply remains subdued."

"Inflation well above the goal."

"Overall labor market suggests underlying aggregate demand remains solid."

"Price pressures are broad."

"Although prices for some commodities have eased, there is still additional upward pressure on inflation."

"Acutely aware of significant hardship of high inflation."

"We are highly attentive to risks of inflation."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."