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

"I don't know if productivity will run persistently above trend."

"Could have significant increase in potential economic output."

"We believe our policy stance is in a good place given current situation."

"We are not satisfied with 3% inflation, we will return inflation to 2% over time."

"Our stance we think is appropriate to do that."

"Policy focus has been on what to do about holding current level of restriction; that was meeting discussion."

"Restrictive monetary policy needs more time to do its job."

"How long that will take, how patient we need to be, will depend on data."