Powell speech: Will likely be appropriate to begin reducing rates sometime this year

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

"Highly attentive to risks inflation poses to both sides of mandate."

"Our restrictive stance is putting downward pressure on economic activity and inflation."

"Our policy rate is likely at its peak."

"Will likely be appropriate to begin reducing rates sometime this year."

"If economy evolves as expected, we will dial back policy rate this year."

"Economic outlook though is uncertain, ongoing progress on inflation is not assured."

"Prepared to maintain current policy rate for longer if needed."

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."