Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 50 basis points to the range of 4.75%-5% after the September meeting and responds to questions in the post-meeting press conference.

Key quotes

"Since the last meeting, there has been a lot of data."

"Benchmark revisions showed payrolls may be revised down."

"We concluded that 50 bps cut was the right thing."

"We will make future decisions based meeting by meeting."

"We are recalibrating our policy stance."

"Nothing in our projections that suggest we are in a rush."