Powell speech: Important lending facilities stay in place until economic fallout is behind us

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

"Extension of dollar swap lines is to facilitate planning by other central banks."

"Fed will leave swap lines in place until it is confident they are no longer needed."

"Fed has not done as much lending as it originally thought."

"It is still important lending facilities stay in place until the Fed is very confident that the economic fallout is behind us."

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.