The Federal Reserve (Fed) will maintain the fed funds rate within a range of 5.25% to 5.50%, emphasizing its commitment to curb high inflation and restore the 2% inflation target.

The Fed raised its economic assessment for the third quarter to "strong," noting that job growth slowed compared to the initial period. Future interest rate increases will depend on the economic impact of previous interest rate increases and continued economic development. Continued growth in consumer spending and employment could jeopardize progress in curbing inflation.

Powell reiterated confidence that inflation will eventually fall to its 2% target. The Fed is monitoring the data to see if additional policy adjustments are needed.