FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.

Key quotes

"Even with a soft landing, you would still have some softening in labor conditions."

"We've seen softening not through higher unemployment but through fewer openings and quits."

"We hope it continues."

"Hiking until we get to 2% is a formula for going past target."

"If we see inflation coming down credibly, we can move down to a neutral level and then below neutral at some point."

"Not going to make a numerical assessment of when and where that would be."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."