Powell speech: Fed has covered a lot of ground, full effects have yet to be felt

Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% at September FOMC meeting and responds to questions.

Key takeaways

"Squarely focused on dual mandate."

"Fed has covered a lot of ground, full effects have yet to be felt."

"We can proceed carefully."

"Our decisions will be based on assessments of data and risks."

"Growth in real GDP has come in above expectations."

"Consumer spending particularly robust."

"Activity in housing has picked up."

"Higher rates weighing on business investment."

"Labor market remains tight."

"Labor supply and demand continue to come into better balance."

Nominal wage growth has shown some signs of easing."

"Labor demand still exceeds supply."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. 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."