During the Federal Open Market Committee (FOMC) press conference, United States Federal Reserve Chair Jerome Powell emphasized that the central bank's monetary policy remains "meaningfully restrictive" despite reducing interest rates by 100 basis points throughout the year.

Policy Adjustments and Projections:

Powell noted, "We have reduced our policy rate by 100 basis points, bringing us significantly closer to neutral. However, we believe policy is still meaningfully restrictive." His remarks followed the Fed's decision to cut the key interest rate by 25 basis points.

The policymaker further stated, "We and most other forecasters still feel that we're on track to get down to 2%. It might take another year or two from here. But I'm confident that's the path we're on."