Powell speech: Need to assess if recent inflation represents more than bumps in the road

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 tend to see a little bit stronger inflation in first half of the year."

"We don't know if this is a bump on inflation road or something more."

"Latest inflation data certainly hasn't improved anyone's confidence."

"Recent inflation data hasn't altered story of inflation coming down to 2% on a sometimes bumpy path."

"We need to take time to assess if recent inflation represents more than bumps in the road."

"It is very important that we do get inflation sustainably down."

"I don't see cracks in the labor market."

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."