Powell speech: Climate change is relevant to existing Fed mandates

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

"We have had long expansions for the last couple of decades due to low inflation."

"Markets have found our actions credible."

"Fed is moving carefully, thoughtfully, with great transparency on climate change."

"Climate change is relevant to existing Fed mandates."

"Public will expect financial institutions will be resilient against risks, including climate risk."

"Work to be done to understand relationship between financial institutions and climate change."

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.