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 are looking at incoming inflation data most importantly."
"That's where we are looking for more confidence."
"We will also be looking at other data in the economy but most important thing will be the inflation data."
"Wage increases are gradually coming down to levels more sustainable over time."
"High inflation was not caused mostly by wages; that said we need to see more gradual movement downwards on wage inflation."
"We need to be careful on when we start to cut rates."
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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