Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 25 basis points to the range of 4.25%-4.5% after the December meeting and responds to questions in the post-meeting press conference.
Key quotes
“Geopolitical turmoil remains a risk.”
“There’s high uncertainty projecting the economy 3 years ahead.”
“It’s been frustrating, progress on inflation is slower than hoped.”
“Still, feeling good about where we are headed.”
“We won’t settle for above 2% inflation.”
“We have every intention of getting inflation to 2%, I am confident we will achieve.”
“We have made a great deal of progress.”
“We don’t rule things in or out.”
“Rate hike does not appear to be a likely outcome next year.”
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