Powell speech: If we need to raise rates, we'll be patient but not hesitate

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged and to reduce asset purchases by $15 billion per month, FOMC Chairman Jerome Powell is delivering his comments on the policy outlook.

Key quotes

"By many measures, we are in a very tight labor market."

"The issue is, how persistent is the labor market tightness, given it's due to COVID."

"It is clear we are set to go up to a higher employment level."

"You want to be in a position to act to cover the full range of possible outcomes; risks are skewed to higher inflation."

"We need to be ready to act if we have to."

"It is appropriate to be patient on jobs and inflation."

"Transition away from goods could bring inflation down."

"We want to see the process unfold to gauge true state of the economy."

"We think time will tell us more."

"Now is not the time to raise rates."

"If we need to raise rates, we'll be patient but not hesitate."

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.