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Powell speech: Possible financial stability risk from climate change over longer term

Following the Federal Open Market Committee's (FOMC) decision to keep the federal funds unchanged within the target rate of 1.5% - 1.75%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press.

Key quotes (via Reuters)

"There are grounds for cautious optimism on outlook for global economy."

"Supportive financial conditions, trade tensions easing and lower odds of hard Brexit all contributing to a more positive outlook."

"The Fed is closely monitoring the effects of the coronavirus outbreak."

"There may well be a role for repo in an ample reserves system."

"Fed has not yet made decision on standing repo facility, will return fairly soon to the question."

"There is no current urgency to make decision on standing repo facility."

"Over the longer term it is possible there is a financial stability risk from climate change."

"The public has every right to expect the Fed will make sure the financial system is robust in the face of climate change."

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."

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