Jerome Powell

This relatively high rate largely reflects the effects of tariffs on prices in the goods sector.

Near-term measures of inflation expectations have risen this year, likely because of the substantial rise in oil prices.

Inflation has moved up and is elevated in part reflecting the recent increase in global energy prices.

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% inflation goals.

Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook, and we will remain attentive to risks to both sides of our dual mandate.

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A good part of the slowing in the pace of the 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.

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I welcomed the announcement last Friday by the U.S.

attorney for the District of Columbia that she had closed the criminal investigation.

She also noted, however, that she would not hesitate to restart the investigation.

Over the weekend, the Department of Justice provided assurances that they will not reopen the investigation unless there's a criminal referral from the Fed's Inspector General.

And, absent such a referral, if they do appeal the recent court decision, they would not seek, as part of that appeal, to restart the investigation or send new subpoenas.

I've said that I will not leave the board until this investigation is well and truly over with transparency and finality.

And I stand by that.

I'm encouraged by recent developments and I'm watching the remaining steps in this process carefully.

My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve.

After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined.