Powell speech: Delta variant may weigh on return to labor market

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

"It is clear that inflation will be running at 2% for months ahead."

"Fed is in the process at coming meetings to assess the economy's progress, will give additional clarity on thinking."

"There is still some ground to cover to reach substantial further progress."

"Delta variant will have health consequences but recent waves have shown less economic implications."

"Waiting to see if this is also the case with delta variant, is a reasonable expectation."

"Delta may weigh on return to the labor market, we are monitoring it carefully."

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.