Powell speech: Third quarter could see substantial growth but carries risk of viral resurgence

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 responding to questions from the press.

Key quotes

"Forecasts today are particularly uncertain."

"Economy will enter a new phase as some social distancing rules are rolled back."

"Third quarter could still see substantial growth but carries risk of viral resurgence."

"Even as social distancing rules are eased people will still worry and may impact behavior, confidence."

"Worried those who experienced job gains more recently may be hit hardest by rise in unemployment."

"Heartbreaking to see job gains among minorities, lower paid workers, at risk."

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."