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

"Lower inflation readings over last several months are welcome."

"We estimate core PCE prices rose 3.1% in 12 months ending November."

"We anticipate the process of getting inflation to 2% will take some time."

"Our restrictive stance is putting downward pressure on economic activity and inflation."

"While we believe our policy rate is likely at or near its peak for this cycle, we have been surprised in the past."

"Prepared to tighten policy further if appropriate."

"Will keep policy restrictive until confident on path to 2% inflation."

"Policymakers don't want to take possibility of further hikes off the table."

"We will adjust policy as needed, not on a preset course."

"We will continue to make our decisions meeting by meeting."

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."