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 economic outlook is uncertain."

"We do not expect it will be appropriate to cut rates until have greater confidence on inflation moving toward 2%."

"So far this year, inflation readings have not given us that greater confidence."

"Likely that gaining greater confidence will take longer than previously expected."

"Reducing policy too soon or too much or too late or too little both have risks."

"Policy is well positioned to deal with risks and uncertainties we face."

"We will make decisions meeting by meeting."

"Slowing pace of QT does not mean our balance sheet will shrink less than it would otherwise."

"Slowing the pace of runoff will ensure a smooth transition for money markets."

"The decision to slow runoff will reduce the possibility of money market stress."