The Federal Reserve Chairman Jerome Powell explained the decision to keep the policy rate steady at the 4.25%–4.50% range after the June meeting and addressed questions during the post-meeting press conference.

Here are the key points from Powell's press conference:

• Inflation has been slightly above target.
• The current policy stance is favorable.
• PDFP, excluding net exports, has grown solidly.
• Trade policy concerns have led to a decline in sentiment.
• Unemployment remains low and stable.
• The labor market is well-balanced.
• Labor market conditions do not cause inflation.
• Labor conditions are in line with maximum employment.
• Total PCE prices rose 2.3%, core 2.6% in May.
• Short-term inflation expectations have increased, driven by tariffs.
• Most long-term inflation expectations are consistent with 2% inflation.
• The impact of tariffs will depend on the level, with expected increases this year likely to affect economic activity and inflation.
• Maintaining long-term inflation expectations is crucial for avoiding persistent inflation.
• It is important to prevent one-time price increases from leading to ongoing inflation issues.
• Price stability is essential for long periods of low unemployment.
• The Fed is well-prepared to wait and gather more information before considering policy adjustments.
• Fed policymaker projections are subject to high uncertainty.
• The Fed's projections are not set in stone.
• After the review in late summer, potential changes to communications will be considered.
• Recent months have shown favorable inflation readings.
• Core services inflation has been declining.
• Goods inflation is expected to rise in the summer.
• It takes time for tariffs to impact consumers.
• Companies are likely to pass on tariff effects to consumers.
• It is appropriate to maintain the current policy stance while more information is gathered.
• The policy is in a good place and ready to respond to developments.