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 takeaways

"Longer-term inflation expectations appear well anchored."

"As labor market has cooled, inflation has declined and risks have continued to move into better balance."

"We need greater confidence on inflation."

"Second quarter inflation readings have added to confidence our confidence."

"We will carefully assess incoming data for future decisions."

""We will take actions that promote our dual goals."

"The policy is well positioned to deal with dual mandate risks."