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
"Supply side has been recovering, that won't go on forever."
"A lot of the economic growth we are seeing is due to post-pandemic healing."
"When that peters out, our restrictive rate will show up more sharply."
"Labor market by many measures is at or near normal."
"Economy is broadly normalizing and that process will take some time."
"Wage setting will probably take a couple of years to get all the way back."
"If inflation moves back up, that would be a surprise at this point."
"More concerned inflation will stabilize at an elevated level."
"Growth is solid to strong last year, labor market is strong."
"We do expect economic growth will moderate."
"12-month inflation is above target, but seem to be getting on track to it."
"Overall it's a pretty good picture on the economy."
"We are not looking for inflation to tap 2% once; we are looking for it to settle out at 2%
"Based on the meeting today, I don't think likely we will have a rate cut in March."
"That's to be seen but I don't think we'll have enough confidence
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