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
"Readings like today's CPI is a step in the right direction."
"But one reading is just one reading, don't want to be too motivated by that."
"We are doing everything we can to bring inflation back down under control."
"We in the phase of sticking with it until we get it done."
"We are encouraged that we are still seeing solid economic growth."
"Today's inflation report is also encouraging, but comes after several that were not so encouraging."
"It may take several years for the bulge in rent prices to work it's way through to lower housing inflation."
"Household sector is still in pretty good shape, just not as good as a year ago."
"We do see increasing financial pressures on more lower income people."
"Best thing we can do is foster a strong jobs economy."
"If we see unemployment more than we forecast, we would view that as unexpected weakening."
"Of course we can't wait for that to happen, and that's why we always look at balance of risks."
"A decision to loosen policy could have several reasons associated with it."
"If we saw troubling weakening in labor market, that is something we would consider responding to."
