Powell: Fed close to the end of tightening cycle

Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.

Key Quotes

“‘Dot plot is a picture in time of appropriate policy in light of policymakers’ personal views.”

“Efficacy of dot plot decays during inter-meeting period.”

“We try to be transparent in our thinking.”

“As we approach the next meeting, we’ll be talking about how we’re parsing the data.”

“We are seeing elevated potential growth.”

“We are going to look at full range of economic data including financial conditions.”

“We have come very far with this rate-hike cycle.”

“We are close to the end of the cycle.”

“We are not considering changing the pace of balance sheet runoff.”