Powell announces maintaining federal funds rate at 3.5-3.75%, discusses inflation and economic resilience.

To maintain the target range for the federal funds rate at three and one half to three and three quarters percent The committee is continuing its policy of making ample reserves in the banking system The economy is showing impressive resilience Even with recent shocks the trends are positive and reveals solid growth Job gains have kept pace with the workforce and the unemployment rate has changed little Inflation remains elevated relative to the committee's two percent goal The committee remains resolute You've heard this before but we will deliver price stability As before the policy statement conveys just the facts It's steering clear of forecasting A choice we consider especially prudent at these uncertain times Uncertainty however Does not mean a lack of clarity For some households businesses and market professionals Five years of high inflation have left a mistaken impression That's hard to shake That the feds implicit inflation target was somehow above two percent Let me reiterate There is no soft inflation target There is no soft implicit target Not on this committee's watch There's only a target and it's two percent