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

"Economy has made good progress, inflation has eased."

"Path forward is uncertain, fully committed to returning inflation to 2%."

"Over the past two years monetary policy significantly tightened."

"Risks to achieving goals moving into better balance."

"Activity in housing sector is subdued."

"Labor market remains tight."

"Job gains are still strong, labor demand still exceeds supply."

"Inflation has eased notably, remains above goal."

"Lower inflation readings are welcome but we need to see continuing evidence to have confidece returning to target."

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."