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

"Inflation has eased without significant increase in unemployment."

"Inflation is still too high."

"The path forward is uncertain."

"We are fully committed to returning inflation to 2%."

"We have significantly tightened monetary policy."

"Our actions have moved policy rate well into restrictive territory.

"Full effects of tightening are likely not yet felt."

"Given how far we've come, and given uncertainties, we are proceeding carefully."

"We will make future decisions on totality of data, evolving outlook and incoming risks."

"Growth in economic activity has slowed substantially."

"Activity in the housing sector has flattened out."

"Higher interest rates are also weighing on business fixed investment."

"Labor market remains tight but it's coming into better balance."

"We expect labor market easing to continue, that will put downward pressure on prices."

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."