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

“Against the backdrop of the rapidly evolving economic environment, our policy has been adapting, and it will continue to do so. At today’s meeting, the Committee raised the target range for the federal funds rate by ¾ percentage point, resulting in a 1½ percentage point increase in the target range so far this year. The Committee reiterated that it anticipates that ongoing increases in the target range will be appropriate. And we are continuing the process of significantly reducing the size of our balance sheet—which plays an important role in firming the stance of monetary policy.”