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

"The economy has made considerable progress toward dual goals."

"Inflation eased substantially over the past year but it's still too high."

"Further progress on inflation is not assured; the path is uncertain."

"Restrictive stance has put downward pressure in inflation, economy."

"Risks to achieving dual goals have moved into better balance over the past year but inflation has shown lack of progress."

"We are highly attentive to inflation risks."

"Private domestic final purchases were as strong as second half of last year."

"That is an important underlying signal for demand."

"Labor market remains relatively tight."

"Nominal wage growth has eased over the past year but labor demand still exceeds supply."

"Inflation data received this year have been higher than expected."

"Longer term inflation expectations remain well anchored though."

"Our policy actions are guided by our goals."

"Monetary policy actions are guided by dual mandate."