Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 50 basis points to the range of 4.75%-5% after the September meeting and responds to questions in the post-meeting press conference.

Key quotes

"Squarely focused on our goals."

"Economy is strong overall."

"Committed to maintaining economy's strength."

"Fed reduced amount of policy restraint today."

"Our decision today reflects growing confidence that strength in labor market can be maintained."

"Consumer spending has remained resilient."

"Housing sector investment fell back in Q2."

Improving supply conditions have supported demand over past year."

"Our projections show we expect GDP growth to remain solid."

"Labor market has continued to cool."

"Conditions in labor market are less tight than pre-pandemic."

"Indicators suggest labor market is now less tight than just before pandemic."

"Labor market not a source of elevated inflationary pressures."

"Inflation has eased notably but remains above our goal."

"Longer term inflation expectations appear well anchored."

"Our primary focus had been on bringing down inflation, which imposes significant hardship."

"Our patient approach has paid dividends."