Powell speech: Economy is weathering banking turmoil well

FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.

Key quotes

"The economy is weathering the banking turmoil well."

"We want wage growth at a rate consistent with 2% inflation over time."

"We don't think that wages were an important cause of inflation early but are an important part of bringing inflation down now."

"There's a range of views on the Committee at this meeting and the next meeting, that will be reflected in the minutes."

"Could be cutting rates while continuing QT, the two are independent things, the active tool for policy is rates."

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."