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

"We are still focused on the question of whether rates are high enough."

"It's not likely we will hike further."

"Policymakers are thinking, talking about when it will be appropriate to cut rates."

"We are seeing strong growth that appears to be moderation and inflation making real progress."

"We still have a ways to go."

"No one is declaring victory, that would be premature."

"We are not guaranteed of progress, so moving carefully in assessment of if we need to do more."

"The question of when it will be appropriate to cut rates is coming into view."

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."