Our decisions are never related to politics or anything else

Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, the federal funds rate, by 50 basis points to a range of 4.75%-5% after the September meeting and answers questions at the press conference after the meeting.

Key quotes

“Immigration is one of the things that has allowed the unemployment rate to rise.”

“Further declines in job openings will translate more directly into unemployment.”

“My view is that we are not going back to negative long-term bond rates; I feel the neutral rate is higher than it was.”

“I feel like the neutral rate is probably significantly higher than it was before the pandemic.”

“The Fed makes decisions based on the service it provides to the American people.”

“Our decisions are never about politics or anything else.”

“Our job is to support the economy on behalf of the American people.”

“If we get it right, the American people will benefit.”