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

"We are at peace that we will do what we think is right when we think it is right."

"We will not take into account political events in our decisions."

"Pending elections are not part of our thinking."

"We've seen pretty consistent progress on slowing wage growth, but it's bumpy."

"If wages are running higher than productivity would warrant, that would boost inflation."

"We've seen progress on wages but it's inconsistent, ways to go on that."

"Restrictive monetary policy is doing what it is supposed to do."

"Reversal of supply and demand distortions and restrictive policy are bringing down inflation; have made lots of progress but a ways to go."

"Market rents are barely going up at all now."

"Market rents take years to get all the way into rents for rollover tenants."

"So it takes some time, I am confident that this will show up in measured inflation is market rents remain low."

"But we think it will take significantly longer than we thought