Jerome Powell, Chairman of the Federal Reserve (Fed), speaks on the economic outlook and policy before the Economic Club of New York.

Key quotes

"Long-run potential growth doesn't change much, it's around 2%."

"It's very hard to know how economy can grow with higher rates."

"Don't know where monetary policy will settle."

"Effective lower bound is not an issue for economy, monetary policy."

"By any reckoning, neutral rates ebbed over recent decades, unsure where it is now."

"Neutral rate may have risen in near term, unclear about longer term."

"Evidence is not that policy is too tight."

"It's possible we are going into a more inflationary period, but it's hard to know."

"Fed's issue is trying to get policy right to bring inflation back to 2%."