Powell speech: Funding pressures in money markets were elevated this week

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.

"Funding pressures in money markets were elevated this week."

"Such issues have no implications for stance of monetary policy, economy."

"Temporary overnight measures were effective."

"Will conduct operations as necessary to ensure interest rates in target range."

"Will provide sufficient supply of reserves so that frequent use of such measures are not necessary."

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.