Powell speech: We are not actively considering 75 bps hikes

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the monetary policy outlook at a press conference following the FOMC's decision to hike the policy rate by 50 basis points in May.

Key quotes

"75 bps hike we are not actively considering."

"Broad sense that additional 50 bps increases should be on the table for next couple of meetings."

"Test is economic and financial conditions as they evolve."

"Expectations are that we'll start to see inflation flattening."

"Some evidence core PCE peaking."

"But we don't want just some evidence on inflation, we want progress."

"Difficult to give forward guidance, leaving room to look at data."

"Want to see evidence inflation is lower."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term*. 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."

"*Note: On February 4, 2022, the Federal Reserve Board named Jerome H. Powell as Chair Pro Tempore, pending Senate confirmation to a second term as Chair of the Board of Governors."