Powell speech: Seeking inflation moderately above 2% for some time

FOMC Chairman Jerome Powell is delivering his remarks on the economy and policy outlook at a virtual event organized by the Economic Club of Washington.

Key quotes

"We have persistent disparities in economic outcomes that hold the economy bank."

"Quarter of a century of low inflation due to globalization, technology, demographics."

"Low inflation, deflation reduce the ability of the central bank to fight downturns."

"We want to overshoot inflation moderately after we've been below 2%."

"Fed seeks inflation that is moderately above 2% for some time."

"I don't think it's important to speak to the public in a way they can understand."

"Terribly important for the Fed to engage with the public proactively."