Powell speech: Do not need a very strong jobs report to go ahead with taper

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

"Delta spike has affected people going back to work."

"Delta has also impacted face-to-face industries."

"It may just be it will take more time for people to get back to work."

"It may take more time but still seems that inexorably people who were working back in February 2020 will get back to work."

"Jobs revival didn't happen in August with any force due to Delta."

"If economy continues to progress in line with expectations, we could easily move ahead with taper at next meeting."

"Test for tapering is accumulated progress; just needs reasonably good employment reports."

"It would not take a knock-out employment report for me to feel taper test has been met."

"Many on committee think employment bar for tapering has already been met."

"Do not need a very strong jobs report to go ahead with taper."

"Would like to see a decent employment report to taper."

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.