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

"Our decisions depend on incoming data."

"We think policy is well positioned to address different paths the economy might take."

"If inflation proves more persistent and labor market remains strong, then it could be appropriate to hold off on rate cuts."

"But there are other paths which would point to rate cuts."

"That would be if we gain greater confidence and unexpected weakening in labor market."

"Data will have to answer question of if this is peak rate."

"To reduce rates, we want to be confident inflation is moving down."

"Incoming inflation data will be at the very heart of that decision."

"Not obvious connection between easing in financial conditions and inflation."

"Wouldn't rule out that we could still have strong growth or labor market and inflation continue to fall."

"We will probably have to see wage growth ease to more sustainable levels to reach inflation goal."

"I don't know how long it will take before we can cut rates."

"We do need to take a signal from three worse-than-expected inflation readings."

"Will take us longer to get ourselves sufficiently confident to change policy rate