Powell speech: Decline in GDP this quarter is likely to be the most severe on record

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

"Decline in GDP this quarter is likely to be the most severe on record."

"In recent weeks, some indicators suggest stabilization in some sectors of the US economy."

"Many businesses are resuming activity to varying degrees, but activity overall yet to pick up."

"Unemployment remains historically high."

"Extend of the downturn remains extraordinarily uncertain, depends on virus containment."

"A full recovery is unlikely to occur until people are confident to resume activities."

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."