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 think we have done enough on rates but we are not fully confident in that view yet."
"Discussion on when to cut rates is still ahead, will decide very carefully."
"People will have different forecasts about the economy, those will show up, or not, in market conditions."
"Important that in financial conditions are aligned with our actions in the long run."
"Really good to see progress we are making on inflation."
"We are still well above 3% on core PCE though."
"We are pleased with progress, but we see the need for further progress on inflation."
"Fair to say there is a lot of uncertainty still going forward."
"We will look at the totality of data when making policy decisions."
"Above-trend growth is not in itself a problem, only if it makes it more difficult to achieve our goals."
"Such a scenario could mean we would have to keep rates higher for longer or hike again."
"Wages still running bit above what is consistent with 2% inflation."
"Unemployment rate is very, very low but overall development of labor market has been positive."
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."
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