Powell speech: Made no decisions about future meetings today

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 made no decisions about future meetings today; will depend on data."

"We want to see more data that gives us higher confidence on inflation moving down sustainably."

"If there were a significant weakening in labor market, that would be a reason to start rate cuts."

"I don't think we know if rates are going to be higher in the longer run."

"My instinct is rates won't go back down to very low levels we saw before."

"But there is tremendous uncertainty around that."

"It is still likely in most people's view that we will have rate cuts this year, but depends on data

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."