Federal Reserve Chairman Jerome Powell explains the decision to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% and responds to questions in the post-meeting press conference.

Key quotes

"Almost everyone on the Committee believes it will be appropriate to reduce rates."

"We are trying to identify a place we are confident on inflation to begin the process of dialing back the restrictive level."

"In theory, real rates go up as inflation goes down, but can't mechanically adjust policy."

"We don't know where the neutral rate of interest is."

"We are really in a risk management mode."

"We are managing risks of moving too soon vs moving too late."

"Timing of cuts is linked to our confidence."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."