Powell speech: Labor demand still substantially exceeds supply

FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.

Key quotes

"Growth in consumer spending has slowed from earlier in the year."

"Still a strong pace of job growth."

"Continuing signs of labor supply and demand coming into better balance."

"Labor demand still substantially exceeds supply."

"Inflation has moderated somewhat."

"Getting back to 2% has a long way to go."

"Inflation expectations remain well anchored."

"We're highly attentive to risks inflation poses to both sides of mandate."

"We have been seeing effects of increases on demand in most rate-senstive sectors."

"Will take time for full effects to be realized."

"Will make decisions meeting by meeting."

"Remain committed to bringing inflation back to 2% goal."

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."