Fed Chair Powell (post-meeting statement) says he will continue to serve as Governor after term as Chair ends, until the DoJ probe is well and truly over

STANCE:

• Policy stance is appropriate
• Policy not on a pre-set course
• Will set policy on incoming data, balance of risks
• Fed focused on achieving full mandate

ECONOMY:

• Economy expanding at a solid pace, job gains have remained low
• Consumer spending has been resilient
• Housing activity has remained weak
• Outlook is highly uncertain

INFLATION:

• Inflation is elevated
• Sees PCE at 3.5% Y/Y in March, sees core PCE at 3.2%Y/Y in March
• Long-term inflation expectations consistent with policy goal
• Higher energy costs will push up inflation in near-term, more uncertain in the long-run

LABOUR MARKET:

• Unemployment has changed little in recent months
• Job gains have remained low
• Labour demand has softened

MIDDLE EAST:

• Continues to contribute to uncertainty

LEADERSHIP TRANSITION:

• Congratulates Kevin Warsh for his nomination out of the Senate Banking Committee today
• Fed's decisions reflect a collective view of the Committee, collaborative and deliberative process is best
• Notes DoJ has shelved investigation, says DoJ as assured investigation will not be re-opened without further criminal information
• Will continue to serve as governor after term as Chair ends, until the DoJ probe is well and truly over