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

"Strongly committed to 2% inflation."

"Without price stability, will not achieve sustained strong labor market."

"We have covered a lot of ground."

"Full effects of tightening yet to be felt."

"Nearly all policymakers view some further rate hikes this year appropriate."

"Activity in housing sector remains weak."

"Most policymakers expects subdued growth to continue."

"Labor market remains very tight."

"Some signs supply and demand in labor market coming into better balance."

"Getting inflation back to 2% has a long way to go."

"Inflation expectations appear well anchored."

"Acutely aware that high inflation imposes hardship."

"We are highly attentive to risks high inflation poses to both sides of mandate."

"Have been seeing effects of our policy tightening in housing, investment."

"Will take time for full effects of monetary restraint to be realized, especially on inflation