Powell speech: We won't keep it a secret when we have confidence on inflation

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

"Not in a position to put a number on number of months of low inflation needed to have confidence."

"We have growing confidence in the inflation data but we have to get it right."

"We want to make sure we get the job on inflation done in a sustainable way."

"We won't keep it a secret when we have confidence on inflation."

"If we get very strong inflation data and it heads back up, we will go slower or later or both."

"If inflation data is better than expected, we would do the opposite."

"Not so worried that growth is too strong and inflation could come back."

"Continued declines in inflation are what we are looking for."

"Growth only matters in how it interacts with our dual mandate."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."