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

"Economy has made good progress, inflation has eased."

"Path forward is uncertain, fully committed to returning inflation to 2%."

"Over the past two years monetary policy significantly tightened."

"Risks to achieving goals moving into better balance."

"Activity in housing sector is subdued."

"Labor market remains tight."

"Job gains are still strong, labor demand still exceeds supply."

"Inflation has eased notably, remains above goal."

"Lower inflation readings are welcome but we need to see continuing evidence to have confidece returning to target