Powell speech: Won't look at raising target inflation rate because its become a global norm

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is now responding to questions from the press with key quotes, via Reuters, found below.

When asked why Fed didn't cut rates now: "There was not much support for cutting rates now."

"Fed will act promptly if needed to sustain expansion."

"Fed won't look at raising target inflation rate because its become a global norm."

"Will not discuss elected officials."

"Facebook discussed its proposed crypto-currency platform with Fed officials."

"4% inflation target is not practical."

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.