Powell speech: Will need more rate cuts if there is a downturn

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 responding to questions from the press, with key quotes, via Reuters, found below.

"There are risks to the positive economic outlook, will need more rate cuts if there is a downturn."

"Fed will be highly data-dependent."

"We are not on a pre-set course."

"Will be carefully looking at economic data meeting by meeting."

"Fed is particularly monitoring global growth and trade developments."

"We see trade, global growth risks as more heightened."

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.