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

"Some people examined the case today for moving at this meeting."

"But overwhelmingly the sense of Committee was not at this meeting, but at next meeting if data supports it."

"No question that is now our base case."

"The time is approaching for a rate cut."

"Chances of hard landing are now."

"It's neither overheating or sharply weakening economy."