FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to leave the policy rate unchanged at 5-5.25% following the June policy meeting.

Key quotes

"Main issue is determining extent of additional tightening."

"It may make sense for rates to move higher, but at a more moderate pace."

"We did not discuss whether to go to an every-other-meeting approach."

"We didn't make a decision about July."

"Data since last meeting came in on high side of expectations."

"Any forecast about inflation coming down this year will contain a big dose of housing disinflation."

"Housing services disinflation will be a little slower than we would have expected."

"Key to non-housing services disinflation is to get loosening in labor market conditions."

"Need to see loosening of labor market conditions continue."

"The things we need for disinflation are coming into play, process will take some time