No one should look at today and think this is the new pace

Federal Reserve Chairman Jerome Powell explains the decision to cut the policy rate, federal funds rate, by 50 basis points to the range of 4.75%-5% after the September meeting and responds to questions in the post-meeting press conference.

Key quotes

“We’ve been very patient about reducing policy rate, others have cut.”

“Our patience has paid dividends in our confidence on inflation.”

“No one should look at today and think this is the new pace.”

“We have waited as other central banks have cut.”

“We are moving at the base that we think is appropriate.”