Highlights from the Fed Chair Powells press conference after September rate decision

Pre-QA comments from chair Powell:

• Fed is squarely focused on dual mandate
• Fed has covered a lot of ground, full of facts have yet to be felt
• We can proceed carefully
• Our decisions will be based on assessments of data and risks
• Growths in real GDP has come in above expectations
• Consumer spending particularly robust
• Activity and housing has picked up
• Higher rates weighing on business investment
• Labor market remains tight.
• Labor supply and demand continue to comment to better balance
• Labor demand still exceeds supply
• Expects labor market rebalancing to continue, easing upward pressure on inflation
• Inflation remains well above our long-run goal of 2%
• Getting inflation down to 2% has a long way to go
• Longer term inflation expectations appear to be well anchored
• Strongly committed to return inflation to 2%
• Current stance of policy is restrictive, putting downward pressure on economic activity, employment and inflation
• We are committed to achieving and sustaining sufficiently restrictive policy to bring inflation down to 2% over time
• Federal Reserve will make decisions meeting by meeting. Federal Reserve is mindful of the uncertainties
• The Fed is prepared to raise rates further if appropriate
• Will keep rates restrictive until confident inflation moving down to 2%
• Reducing inflation is likely to require a period of below trend growth, some softening of labor conditions
• We will do everything we can to achieve goals
• Restoring price stability is essential in reaching maximum growth potential

Q&A portion has begun at 2:39 PM.