Powell speech: Seen additional weakness abroad and trade tensions since last meeting

Following the Federal Open Market Committee's (FOMC) decision to lower the federal funds target rate by 25 basis points to 1.75% - 2% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his remarks on the monetary policy outlook in a press conference, with key quotes, via Reuters, found below.

"Still expects inflation to rise to 2%."

"Inflation pressures 'clearly' remain muted."

"Fed is mindful that below-target inflation could pull inflation expectations lower."

"Fed has seen additional weakness abroad and trade tensions since last meeting."

"Fed has to taken into account anything that will have material impact on economy, including trade tensions."

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.