July 30, 2025
Jerome H. Powell
July 30, 2025 FOMC Press Conference
- Chair Powell said GDP rose at a 1.2 percent pace in the first half of the year, down from 2.5 percent last year, with a stronger 3 percent increase in the second quarter.
- He said payroll job gains averaged 150,000 per month over the past three months and the unemployment rate was 4.1 percent.
- He said total PCE prices rose 2.5 percent over the 12 months ending in June and core PCE prices rose 2.7 percent.
- He said tariff revenue was being collected at about $30 billion a month, with most of the cost currently paid by upstream institutions rather than consumers.
- He said the FOMC was on track to wrap up modifications to its Statement on Longer-Run Goals and Monetary Policy Strategy by late summer.
From the opening statement
Press conference
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. Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2 percent longer-run objective.
In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments. I will have more to say about monetary policy after briefly reviewing economic developments.
Recent indicators suggest that growth of economic activity has moderated. GDP rose at a 1.2 percent pace in the first half of this year, down from 2.5 percent last year. Although the increase in the second quarter was stronger at 3 percent, focusing on the first half of the year helps smooth through the volatility in the quarterly figures related to the unusual swings in net exports. The moderation in growth largely reflects a slowdown in consumer spending. In contrast, business investment in equipment and intangibles picked up from last year’s pace. Activity in the housing sector remains weak.