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 takeaways

"We have made no decisions about future meetings."

"Broad sense at FOMC is we are moving closer."

"We are data dependent but not data point dependent."

"The Question will be if the totality of data is consistent with rising confidence on inflation and jobs."

"Rate cut could be on the table in September."

"We are getting closer to being at point to reduce rates."

"Not quite at that point yet."

"If we see inflation moving down quickly or in line with expectations, growth reasonably strong and labor market remains consistent with current conditions, a rate cut could be on the table in September."