Despite “significant uncertainty” in monetary policymaking, the Federal Open Market Committee continues to back gradual increases in the federal funds rate, Fed Chair Jerome Powell said Wednesday.
Federal Reserve Board Chairman Jerome Powell said he will hold a press conference after every Federal Open Market Committee meeting, beginning in January.
Federal Reserve Chairman Jerome Powell said central banks shouldn’t take their independence for granted at a time when trust in public institutions is at “historic lows,” requiring extra effort to explain both their monetary and regulatory policies.
Federal Reserve Chairman Jerome Powell said financial markets have gotten the message on the U.S. central bank’s plan for gradual interest-rate increases and “should not be surprised” by its actions.
In his first press conference as chair following a Federal Open Market Committee Jerome Powell stressed that “one decision” was made at the meeting: raising rates 25 basis points to a 1.5% to 1.75% target range.
The Federal Open Market Committee raised the federal funds rate target to a 1.50% to 1.75% range, as expected, while the Summary of Economic Projections still calls for three hikes this year.
Federal Reserve Board Chairman Jerome Powell refused to comment on his views on the number of times the Federal Open Market Committee will raise rates this year, although he admitted his “outlook has strengthened since December.”
