Powell speech: High-frequency data showing pace of recovery slowed since mid-June

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 Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.

Key quotes

"High-frequency data is showing that the pace of the recovery looks like it has slowed since mid-June."

"Consumer surveys look like they are softening again."

"On balance, it looks like the data are pointing to a slowing in the pace of the recovery; too early to tell how large and sustained that will be."

"The path of the economy to a very high extent depends on course of the virus and measures that are taken to contain it."

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