Transcript: Fed chief Powell press conference after meeting
December 15, 2021 5:47 p.m. ET
Federal Reserve Chairman Jerome Powell discussed the central bank’s decision not to raise interest rates and its decision to reduce the pace of its asset purchases more quickly, at a conference release after the Fed’s monetary policy meeting on Wednesday. He also spoke of the Fed’s expectations for a strengthening labor market and its outlook for inflation, which it expects to end this year well above its 2% target before easing somewhat. here late 2022. Here is a transcript, slightly edited for clarity and length.
JEROME H. POWELL: Hello. At the Federal Reserve, we are firmly committed to achieving the monetary policy goals that Congress has set for us: maximum jobs and price stability. Today, in support of these goals, the Federal Open Market Committee has kept interest rates close to zero and updated its assessment of the economy’s progress towards the criteria specified in the forward guidance of the committee for interest rates. In addition, given the strengthening labor market and high inflationary pressures, we have decided to step up reductions in our asset purchases. As I will explain, economic developments and changes in outlook justify this shift in monetary policy, which will continue to provide appropriate support to the economy.