No one should look today and think this is the new beat

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

Key quotes

“We’ve been very patient on the policy rate cut, others have cut back.”

“Our patience has paid off in our confidence in inflation.”

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

“We waited for other central banks to cut.”

“We move to whatever basis we see fit.”