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
"Our economy has made considerable progress."
"Continued strong job gains in the economy."
"Inflation has eased substantially but it's still too high."
"We are maintaining a restrictive stance to keep demand in line with supply."
"Recent indicators suggest economic growth still expanding at solid pace."
"Private domestic final purchases, a clearer signal, is still strong."
"Consumer spending remains solid."
"Investment in equipment has picked up from an anemic pace."
"Labor market coming into better balance."
"April and May jobs pace still strong, unemployment rate remains low."
"A broad set of indicators suggest the labor market back to where it was on the eve of the pandemic."
"Overall broad set of indicators in the labor market show it is relatively tight but not overheated."
"We expect labor market strength to continue."
"More recent readings on inflation have shown easing."
"So far this year, we have not got greater confidence on inflation in order to cut."
"Will need to see more good data to bolster confidence on inflation."
