Powell speech: We are not close to substantial further progress

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

"Fed's MBS purchases are not meant to provide direct assistance to the housing market."

"They are closely related to treasury market."

"Fed will taper asset purchases when the time comes."

"Time for taper is not yet."

"We are not close to substantial further progress."

"What we have seen is not close to substantial further progress."

"When the time comes to talking about taper, we will."

"We just need to see more data."

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.