Powell speech: Inflation has proven more resilient than expected

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

"There is a lot of uncertainty around the length of policy lags."

"No one should doubt that we will use tools to bring inflation to target."

"I would say policy is restrictive, more so after today's decision."

"We have come a long way, we are resolutely committed to returning inflation to target."

"Inflation has proven more resilient than expected."

"Policy is working about as we expected."

"I don't think we're targeting wage inflation."

"Seeing a cooling in private sector in job market in latest report."

"Lot of uncertainty about outlook to next meeting let alone next year."

"I don't think there will be cuts this year."

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."