Jerome Powell, Press Conference: March FOMC Post Meeting Press Conference Transcript

“The Fed’s monetary policy actions have been guided by our mandate to promote maximum employment and stable prices for the American people. Our policy has been adapting to the evolving economic environment, and it will continue to do so. As I noted, the Committee raised the target range for the federal funds rate by ¼ percentage point and anticipates that ongoing increases in the target range will be appropriate. The median projection for the appropriate level of the federal funds rate is 1.9 percent at the end of this year—a full percentage point higher than projected in December. Over the following two years, the median projection is 2.8 percent—somewhat higher than the median estimate of its longer-run value. Of course, these projections do not represent a Committee decision or plan, and no one knows with any certainty where the economy will be a year or more from now.”