Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 25 basis points to the range of 4.25%-4.5% after the December meeting and responds to questions in the post-meeting press conference.

Key quotes

"Geopolitical turmoil remains a risk."

"There's high uncertainty projecting the economy 3 years ahead."

"It's been frustrating, progress on inflation is slower than hoped."

"Still, feeling good about where we are headed."

"We won't settle for above 2% inflation."

"We have every intention of getting inflation to 2%, I am confident we will achieve."

"We have made a great deal of progress."

"We don't rule things in or out."

"Rate hike does not appear to be a likely outcome next year."