#FED Chairman Powell's statement:

The economy has performed quite well in the last few years.

The economy is expected to slow down this year and inflation will continue to advance.

The second quarter of inflation represents progress, with three better readings.

Now that inflation is down, we will look at both tasks.

If we see an unexpected weakening in the labor market, that warrants our response.

We didn't gain good confidence in the first quarter but strengthened our confidence with 3 better reads in the second quarter.

If we wait for inflation to drop to 2 percent, we will be waiting too long.

We will make the FOMC interest rate decision at the meeting based on the data we have.