Powell speech: The labor market has a ways to go

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.

Key quotes

"Progress on vaccinations, fiscal support providing strong support to economy."

"Household spending is rising at especially rapid pace."

"Housing sector remains very strong, business investment rising at solid pace."

"Conditions in labor market have continued to improve."

"The labor market has a ways to go."

"Pandemic factors appear to be weighing on employment growth, but should wane in coming months."

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.