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

"Highly attentive to risks inflation poses to both sides of mandate."

"Our restrictive stance is putting downward pressure on economic activity and inflation."

"Our policy rate is likely at its peak."

"Will likely be appropriate to begin reducing rates sometime this year."

"If economy evolves as expected, we will dial back policy rate this year."

"Economic outlook though is uncertain, ongoing progress on inflation is not assured."

"Prepared to maintain current policy rate for longer if needed