If the economy remains strong, we can reduce the pace of cuts

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

“Our projections are not a plan or a decision.”

“We will adjust the policy as appropriate.”

“If the economy remains solid, we can reduce the pace of cuts; also, if the labor market deteriorates, we can respond.”