Powell speech: It has been very challenging to get inflation back to 2% target

Following the Federal Open Market Committee's (FOMC) decision to keep the federal funds unchanged within the target rate of 1.5% - 1.75%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press.

Key quotes (via Reuters)

"It has been very challenging to get inflation back to the 2% target."

"Fed's framework review is looking to strengthen the credibility of inflation target"

"If the USMCA deal is enacted, it would remove some uncertainty and be a positive for the US economy."

"The risk of using accommodative monetary policy to explore maximum employment levels is low."

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."