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 will look at totality of data on labor, economic growth and inflation to begin rate cuts."

"I am not at a point of giving dates for rate cuts."

"We are well aware of the two-sided risks we face."

"We understand risks of waiting too long, or moving too quickly."

"We are trying to manage those risks."

"We don't think it will be appropriate to loosen policy until we are more confident on inflation."

"I think our current approach is the right way to think about it."

"It is not our plan to wait for things to break and then try to fix them."

"Our plan is not to wait for things to break and then try to fix it."