Transcript: Fed chief Powell press conference after meeting

Federal Reserve Chairman Jerome Powell on Wednesday discussed the central bank’s outlook for the recovery of the US economy, including expectations of a strengthening labor market. Mr Powell also told a press conference after the Fed’s monetary policy meeting that high inflation is expected to fall back next year to the central bank’s 2% target. Further, he noted that while Fed officials have not made any decisions regarding a cut from the central bank’s $ 120 billion a month bond-buying stimulus, they generally believe that a gradual reduction in purchases ending around the middle of next year would probably be appropriate if the recovery remains on track. Here is a transcript, slightly edited for clarity and length.

JEROME H. POWELL: Hello. At the Federal Reserve, we are firmly committed to achieving the monetary policy goals that Congress has set for us: maximum jobs and price stability. Today, the Federal Open Market Committee kept interest rates near zero and maintained our current pace of asset buying. These measures, along with our strong guidance on interest rates and our balance sheet, will ensure that monetary policy will continue to support the economy until the recovery is complete. Progress in immunization and unprecedented fiscal policy actions are also strongly supporting the recovery.