Powell speech: Inflation eased substantially but ongoing progress is not assured

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."

"Inflation has eased substantially."

"Ongoing progress is not assured, though."

"The path forward is uncertain."

"GDP has been bolstered by strong consumer demand as well as healing supply chains."

"High interest rates have weighed on business fixed income investment."

"Participants revised up GDP estimates."

"Labor market remains relatively tight but supply and demand coming into better balance."

"Nominal wage growth has been easing."

"Labor demand still exceeds labor supply."

"FOMC participants expect rebalancing in labor market to continue."

"Inflation remains above our goal."

"Longer-term inflation expectations remain well-anchored."

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."