Chair Jerome Powell announced an Interest Rate cut for the First Time Since the 2008 financial crisis. Following the announcement, he took several questions from reporters. This is 45 minutes. Good afternoon and welcome. Today to lower the target for the federal funds rate by a quarter of a ofcentage point to arrange two and a quarter percent. The outlook for the u. S. Economy remains favorable in this action is designed to support that outlook. Againsttended to ensure Downside Risk, to help offset the effects these factors are andng the on the economy to promote a faster return of inflation to our symmetric 2 objective. All of these objectives will support achievement of our overall goal, to sustain for the benefit of the american people. We also decided to conclude the runoff of our securities portfolio rather than and september as previously planned. In september as previously planned. I will discuss the thinking behind todays Interest Rate reduction and then turn to the path forwar
Is to support outlook. To help offset the effect factors were curtly having on the economy and to promote a faster return of inflation to the percent objective. All of these objectives will support achievement of our goal sustained expansion closer objective for the benefit of the american people. We also decided to conclude the runoff of our securities portfolio in august rather than in september as previously planned. And i will discuss the thinking behind the reduction in turn to the pot forward. As the year began, both the economy and Monetary Policy were in a good place. The Unemployment Rate was below 4 in a are interestrate target was that the low ends of neutral. Over the first half of the year, the economy grew at healthy pace. And it pushed on appointment to near a halfcentury low. Wages have been rising particularly for lower paying jobs. People who live and work in low and middle income communities tell us that many who struggle to find work are now getting opportunities to
Welcome. Today to lower the target for the federal funds rate by a quarter of a percentage point to arrange 2 to 2. 25 . The outlook remains favorable, and this action is designed to support that outlook. It is intended to ensure against weak globalks from growth to help offset the effects of these factors currently on the economy. And to promote a faster return our 2 objective. All of these will support achievement of the overarching goal, to sustain the expansion with a strong job market and inflation close to our objective for the benefit of the american people. People. We also decided to conclude the runoff of our securities portfolio in august rather than in september as previously planned. And i will discuss the thinking behind the reduction in turn to the pot forward. As the year began, both the economy and Monetary Policy were in a good place. The Unemployment Rate was below 4 in a are interestrate target was that the low ends of neutral. Over the first half of the year, the ec
Inflation to our symmetric 2 objective. All of these objectives will support achievement of our overarching goal, to sustain for the benefit of the american people. We also decided to conclude the runoff of our securities portfolio rather than and september as previously planned. N in september as previously planned. And i will discuss the thinking behind the reduction in turn to the pot forward. As the year began, both the economy and Monetary Policy were in a good place. The Unemployment Rate was below 4 in a are interestrate target was that the low ends of neutral. Over the first half of the year, the economy grew at healthy pace. And it pushed on appointment to near a halfcentury low. Wages have been rising particularly for lower paying jobs. People who live and work in low and middle income communities tell us that many who struggle to find work are now getting opportunities to add new and better chapters to their lives. This underscores the perfect of sustaining expansion. To the
The outlook for the u. S. Economy remains terrible, and this action is designed to support the outlook. From weak Global Growth and to promote a faster return of inflation to our symmetric 2 objective. Objectives will support achievement of our overall goal, to sustain for the benefit of the american people. Conclude theed to runoff of our securities portfolio rather than and september as previously planned. I will discuss the thinking behind todays Interest Rate reduction and then turn to the path forward. As the year began, both the economy and Monetary Policy were in a good place. Below 4 ,oyment rate inflation had been running there are 2 objective for nine months. Our interestrate target was at the low end of estimates for neutral. Over the first half of the year, the economy grew at a healthy pace and job gains pushed unemployment to near a halfcentury low. We just have been rising for lower paying jobs. People who live and work and lower income communities telling us that many w