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
"Improvement in inflation has been coming from unwinding of pandemic distortions, complemented by monetary policy."
"Inflation is also improving because of positive supply shock."
"These inflation dynamics can continue."
"We don't know if we are down to demand determining inflation."
"We are getting good results in bringing down inflation with gradual cooling of economy so far."
"Housing situation is complicated."
"Ultimately, best thing we can do for housing market is bring inflation down."
"Banking system has been solid, strong, well-capitalized."
"Wages still running above a sustainable path."
"Wages not principle cause of inflation, but needs them to come down for overall inflation to get back to 2%."
