FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to leave the policy rate unchanged at 5-5.25% following the June policy meeting.

Key quotes

"Question of speed on rate hikes is separate from question of level of rates."

"We are not so far away from destination on fed funds rates."

"It is reasonable to go slower as we approach rates destination."

"We don't know full extent of banking turmoil consequences."

"We are trying to get this right."

"By July, rates decision will have three months worth of data."

"We will look at all the data, the evolving outlook, and will make the decision in July."

"Labor market has surprised with extraordinary resilience."

"I can't tell you I ever have a lot of confidence where fed funds rate will be far in advance."

"We have moved much closer to sufficiently restrictive."

"The risks of overdoing and underdoing are closer to be in balance."

"The risks to inflation are to the upside

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."