Breaking News Jerome Powell:

In recent months, there has been a lack of further progress towards the 2% inflation target

Starting in June, the Committee will slow the pace of decline in its securities holdings by reducing the monthly redemption limit on Treasury securities from $60 billion to $25 billion.

Inflation is still too high. Further progress in reducing it is not guaranteed

Consumer spending has been strong in recent quarters

The labor market remains relatively tight, but supply and demand conditions have become better balanced

Labor demand still exceeds the supply of available workers

Inflation readings have exceeded expectations. Achieving that increased trust will likely take longer than expected.

We are also prepared to respond to an unexpected weakening of the labor market

I think the evidence shows pretty clearly that the policy is restrictive and is weighing on demand.

I think it is unlikely that the next policy measure will be an increase

We are committed to maintaining our current political stance for as long as is appropriate.

The signal we are getting is that it will probably take longer for us to gain confidence that we are on a sustainable path to 2% inflation.

Interest rates will remain the same.