FOMC 鲍威尔新闻发布会（2026 年 4 月 29 日）-作为美联储主席的最后一次发布会I won’t see you next time.Thank you very much.

Jerome Powell FOMC Press Conference Full Transcript

April 29, 2026

Opening Remarks

Good afternoon. It is a pleasure to be with you today. This will be my last FOMC press conference as Chair. My term ends on May 15, and I want to begin by congratulating Kevin Warsh on his successful committee vote today. I wish him all the best.

At today's meeting, the Committee decided to keep the target range for the federal funds rate unchanged at 3.5 to 3.75 percent. The economy has been expanding at a solid pace. Job gains have slowed but remain sufficient to support a strong labor market. Inflation has moved back up and remains elevated, partly due to higher energy prices from developments in the Middle East. Those events add significant uncertainty to the outlook.

We are strongly committed to returning inflation to 2 percent over time. That commitment is unwavering and unending. We need greater confidence that inflation is moving sustainably down before easing policy. Right now, nobody on the Committee is calling for a rate hike. But policy will remain data-dependent, meeting by meeting.

I will remain on the Board as a Governor for a period to be determined. My reason is simple: the Federal Reserve's independence is under unprecedented threat from legal and political attacks. These actions risk battering the institution and undermining public trust in our ability to set policy without political consideration.

I will keep a low profile and will not act as a shadow chair. I will support the incoming Chair where appropriate, as is traditional. The Fed's work is too important.

Thank you, and I look forward to your questions.

Q&A Transcript

Question 1

You've said you're staying on as Governor to defend the Fed's independence. Can you elaborate on what specific threats you're seeing and what you hope to achieve by staying?

Powell:
Thank you. The Federal Reserve, since its founding, has made decisions based solely on the best interests of the economy, not political considerations. Over the past year, we've faced unprecedented legal inquiries, congressional pressure, and public attacks that are clearly aimed at influencing our monetary policy decisions. These are not routine oversight—they are attempts to bend the Fed to short-term political will.

By remaining, I aim to ensure that this institution's nonpartisan legacy is preserved. I will not be a disruptive force. I will vote my conscience on monetary policy, as I always have. But my presence will serve as a reminder that the Fed's independence is a cornerstone of our economic stability. That's what I hope to achieve.

Question 2

You mentioned inflation remains elevated due to energy prices. How persistent do you expect this energy-driven inflation to be, and does it delay the point at which you can see that confidence to cut rates?

Powell:
It's a good question. Energy price shocks are, by nature, often transient. But they can affect headline inflation, and if sustained, can bleed into core inflation through transportation and other sectors. We are monitoring that closely.

Right now, inflation is still above our target. The recent increase is a reminder that the path back to 2 percent is not smooth. It doesn't change our commitment, but it does mean we need to be patient. We will not cut rates until we have convincing evidence—sustained, cumulative evidence—that inflation is firmly on a path to 2 percent. The energy situation pushes that confidence further into the future.

Question 3

You have an 8-4 split vote today—four dissents. That's the most in decades. What does that division tell us about the Committee's view right now? And how do you reconcile those differing opinions?

Powell:
The FOMC is a deliberative body, and robust debate is a healthy thing. We have members with different perspectives, as you see. Some, like Governor Miran, see greater risks to employment and favor earlier cuts. Others, like Governors Hammack, Logan, and President Kashkari, are more concerned about inflation and prefer not to signal a bias toward easing.

The majority view, which I share, is that policy is well-positioned today. We have a tightening bias if inflation worsens, and an easing bias if inflation improves sustainably. We decided to keep that balanced, data-dependent language. The dissents reflect the uncertainty we all feel. But we are united in our ultimate goals: maximum employment and 2 percent inflation.

Question 4

You've often said rate decisions are purely data-dependent. But with your term ending and the political pressure so intense, how can the public be sure your decision today wasn't influenced by politics?

Powell:
I understand the question, but the answer is straightforward: this decision, like all others, was based 100 percent on the data and the economic outlook.

We held rates steady because inflation is elevated, the labor market is strong, and the outlook is uncertain. If we were reacting to political pressure, we might have cut rates or hiked rates to make a point. We did neither. We did what the data dictated.

My staying on as Governor is precisely to ensure that future decisions are also free from political influence. The Fed's credibility depends on that.

Question 5

You've been Chair through a pandemic, historic inflation, and now political attacks. What's your biggest regret and biggest accomplishment in your time leading the Fed?

Powell:
That's a big question. Let's start with accomplishments. We acted aggressively during the pandemic to stabilize the financial system and support the recovery. That worked. We then took decisive action to restore price stability when inflation surged. That was difficult and unpopular at times, but it was necessary.

As for regrets... I wish inflation hadn't gotten so high. Nobody wishes that more than I do. We could have tightened earlier, in hindsight. But we acted with the information we had at the time. I also regret that the Fed has come under such intense political pressure. That's not healthy for our democracy or our economy.

But overall, I leave knowing that this institution is strong. Its people are dedicated. And its commitment to our mandate is unshakable.

Question 6

You've said you won't be a "shadow chair." But how can you avoid influencing policy simply by being on the Board with your successor?

Powell:
I will be one vote on a 12 or 13-member Committee. I will express my views, as I always have, but I will not lobby, I will not grandstand, and I will not undermine the incoming Chair. I will respect the outcome of every vote. The public will see that. I will keep a low profile. You'll not see me giving speeches or talking to the press the way I have as Chair.

Question 7

Do you have a message for your successor, Kevin Warsh?

Powell:
I do. My message is simple: Stay focused on the mandate. Stay independent. Don't get pulled into politics. Do what's right for the economy, not what's popular.

The Fed's power comes from its credibility. Protect that credibility above all else.

Question 8

With the Middle East conflict ongoing, how concerned are you about stagflation—slower growth and higher inflation?

Powell:
Stagflation is a risk we monitor closely. Right now, growth is solid, so we don't have stagflation. But if energy prices stay high and growth slows, that risk rises. Our job is to navigate that. We will balance both sides of our mandate. We will not prioritize one over the other.

Question 9

You've talked about the political threats. Do you fear for the future of the Fed's independence after you leave?

Powell:
I do fear for it. That's why I'm staying. Independence is not a given; it has to be defended. If the Fed becomes politicized, if its decisions are driven by politics, the result will be worse inflation, worse employment outcomes, and a less stable economy. That's a catastrophic outcome. I will do what I can to prevent that.

Question 10

Chair Powell, on your last day as Chair, what do you want the American people to remember about your tenure?

Powell:
That we did our job. We faced unprecedented challenges. We made tough decisions. We always acted in the long-term best interests of the American economy and the American people.

Thank you all very much. It has been an honor and a privilege. You'll not see me at these press conferences again. Thank you.

Federal Reserve Powell’s Farewell Remarks

Full Farewell & Closing Remarks (English Original) From Jerome Powell’s Final FOMC Press Conference (April 29, 2026)

Opening Farewell Statement

This is my last FOMC press conference as Chair. My term ends May 15. I want to begin by congratulating Kevin Warsh on his successful committee vote today. I wish him all the best.

After my term ends, I will continue to serve on the Board as a Governor for a period to be determined. My reason is simple: the Federal Reserve’s independence is under unprecedented threat from legal and political attacks. These actions risk battering the institution and undermining public trust in our ability to set policy without political consideration.

I plan to keep a low profile. I will not be a shadow chair. There’s only ever one chair. When Kevin Warsh is confirmed and sworn in, he will be that chair. I will support him where appropriate, as is traditional. The Fed’s work is too important.

Closing Farewell (End of Q&A)

Let me close with a few thoughts.

The Federal Reserve exists for one purpose: to foster an environment of stable prices, a strong labor market, and a secure financial system—so American families and businesses can thrive. Every decision we make serves that mission.

I am proud of what we have accomplished together. We navigated a pandemic, historic inflation, and repeated global shocks. We acted decisively, with humility, and always in the long-term best interest of the economy and the American people.

To my colleagues: thank you. To the American people: it has been an honor to serve.

I won’t see you next time.

Thank you very much.

Full Farewell Transcript (Extended)

Powell’s full closing remarks (as released):

This has been the greatest honor of my professional life. To serve as Chair of the Federal Reserve, to work alongside such dedicated men and women, to steer this institution through some of the most challenging economic times in modern history— I will always be grateful.

We faced a once-in-a-century pandemic. We faced the highest inflation in 40 years. We faced war, energy shocks, political pressure, and relentless uncertainty. Through it all, the Fed stayed focused on our mandate: maximum employment and price stability.

I leave knowing the Fed is strong. Its credibility is intact. Its commitment to independence is unshakable. That is what matters most.

To Kevin Warsh: stay focused on the mandate. Stay independent. Do what’s right for the economy, not what’s popular. Protect the Fed’s credibility above all else.

I will remain as a Governor, but I will keep a low profile. I will not undermine the new Chair. I will vote my conscience, but I will not grandstand. The Fed must speak with one voice from the podium.

Finally, to the American people: thank you for your trust. Thank you for the opportunity to serve.

It has been a privilege. I won’t see you next time.

Thank you.

END

FOMC 鲍威尔新闻发布会（2026 年 3 月 18 日）

FOMC 鲍威尔新闻发布会（2026 年 3 月 18 日）

CHAIR POWELL. Good afternoon. My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people. The U.S. economy has been expanding at a solid pace. While job gains have remained low, the unemployment rate has been little changed in recent months, and inflation remains somewhat elevated.

Today the FOMC decided to leave our policy rate unchanged. We see the current stance of monetary policy as appropriate to promote progress toward our maximum employment and 2 percent inflation goals. The implications of developments in the Middle East for the U.S. economy are uncertain. We will remain attentive to risks to both sides of our dual mandate. I will have more to say about monetary policy after briefly reviewing economic developments.

Available indicators suggest that economic activity has been expanding at a solid pace. Consumer spending has been resilient, and business fixed investment has continued to expand. In contrast, activity in the housing sector has remained weak. In our Summary of Economic Projections, the median participant projects that real GDP will rise 2.4 percent this year and 2.3 percent next year, somewhat stronger than projected in December.

In the labor market, the unemployment rate was 4.4 percent in February and has changed little since late last summer. Job gains have remained low. A good part of the slowing in the pace of job growth over the past year reflects a decline in the growth of the labor force, due to lower immigration and labor force participation, though labor demand has clearly softened as well. Other indicators, including job openings, layoffs, hiring, and nominal wage growth, generally show little change in recent months. In our SEP, the median projection of the unemployment rate is 4.4 percent at the end of this year and edges down thereafter.

Inflation has eased significantly from its highs in mid-2022 but remains somewhat elevated relative to our 2 percent longer-run goal. Estimates based on the Consumer Price Index and other data indicate that total PCE prices rose 2.8 percent over the 12 months ending in February and that, excluding the volatile food and energy categories, core PCE prices rose 3.0 percent. These elevated readings largely reflect inflation in the goods sector, which has been boosted by the effects of tariffs. Near-term measures of inflation expectations have risen in recent weeks, likely reflecting the substantial rise in oil prices caused by supply disruptions in the Middle East. Most measures of longer-term expectations remain consistent with our 2 percent inflation goal. The median projection in the SEP for total PCE inflation this year is 2.7 percent and 2.2 percent next year, a bit higher than projected in December.

Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. At today’s meeting, the Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent.

From last September through December, we lowered our policy rate 3/4 percentage point, bringing it within a range of plausible estimates of neutral. This normalization of our policy stance should continue to help stabilize the labor market while allowing inflation to resume its downward trend toward 2 percent.

But the implications of events in the Middle East for the U.S. economy are uncertain. In the near term, higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy. We will continue to monitor the risks to both sides of our mandate. We are well positioned to determine the extent and timing of additional adjustments to our policy rate based on the incoming data, the evolving outlook, and the balance of risks.

In our SEP, FOMC participants wrote down their individual assessments of an appropriate path of the federal funds rate, under what each participant judges to be the most likely scenario for the economy. The median participant projects that the appropriate level of the federal funds rate will be 3.4 percent at the end of this year and 3.1 percent at the end of next year, unchanged from December. As is always the case, these individual forecasts are subject to uncertainty, and they are not a Committee plan or decision. Monetary policy is not on a preset course, and we will make our decisions on a meeting-by-meeting basis.

To conclude, the Fed has been assigned two goals for monetary policy—maximum employment and stable prices. We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We at the Fed will continue to do our jobs with objectivity, integrity, and a deep commitment to serve the American people. Thank you. I look forward to your questions.