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

"Risks to goals coming into better balance."

"Our policy rate is likely at its peak."

Likely to cut rates at some point this year but outlook is uncertain and we remain attentive to risks."

"Prepared to keep rates high longer if needed."

"We will carefully assess incoming data to decide policy."

"Committed to both sides of dual mandate."

"We need greater confidence of inflation moving sustainably down before we cut rates."

"We will make decisions meeting by meeting."

"Unexpected weakness in labor market could warrant a response too."

"Our projections are not a plan, we will adjust based on conditions."

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."