Federal Reserve Chairman Jerome Powell told a post-FOMC meeting that there is"no need" to make any changes to the Fed's monetary policy stance as"we are in a good place for the economy and policy." His comments followed the as-expected decision in a unanimous vote by Federal Open Market Committee to maintain the target range for the federal funds rate in a range of 4.25% to 4.50%.

"We are not being in a hurry to make further adjustments," Powell said, when asked if a rate cut is necessary at the next FOMC meeting on March 18-19. No change in policy stance at the Jan. 28-29 meeting was the first in four meetings. The FOMC lowered rates by 25 basis points each in December and November and by a large-sized 50 basis points in September, delivering a total of 100 basis points (a full percentage point) this cycle, at a much slower pace than the Bank of Canada's rate cuts totaling 200 basis points in seven months, due to more resilient U.S. labor markets and stickier inflation.

Fed policymakers will continue to seek progress in bringing inflation back down to the 2% target from just under 3%."We don't need to cool off labor markets any more," he said. Powell said he and his colleagues will patiently monitor the new U.S. administration's policy stance, just as they do with any new federal government, before trying to work out what implications it may have on monetary policy and what responses may be required.

The Fed announced in 2011 that then Fed Chair Ben Bernanke would hold press briefings four times a year to explain the FOMC's latest quarterly economic projections. The purpose of the briefings is to provide additional context for the FOMC's policy decisions and to allow for questions-and-answers with the press. According to the Fed, the"introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication." The press briefing is held at 2:30 p.m. ET on the days of FOMC statements in which quarterly projections are released. Beginning in 2019, the briefing will be held after each FOMC meeting. The policy statement is released at 2:00 p.m. ET after the conclusion of every FOMC meeting regardless of whether there are forecasts or not.

The Fed’s meeting statement and economic projections can move financial markets. However, the Fed’s meeting statement — which indicates any changes in monetary policy—typically is very concise and lacking in detail. However, the Fed now releases its economic forecasts four times a year. As of March 20, 2013, the forecasts are released at the same time as the FOMC statement during the months of March, June, September, and December. After each of the 8 Fed meetings, the chair holds a press conference to explain the forecasts and other policy issues. The chair’s press conference allows for the financial markets and public in general to learn more about why and how the monetary policy decision was made and to learn more about FOMC views on the direction of the economy—including real growth, inflation, unemployment, expected timing of changes in the fed funds rate, and expected levels of the fed funds rate in the near term.