Federal Reserve Chairman Jerome Powell discussed why the central bank held its benchmark federal-funds rate steady again during a press conference Wednesday following the Fed’s latest policy meeting. Powell said officials would continue to proceed carefully and make decisions meeting by meeting, as they aim to keep policy sufficiently restrictive to bring inflation down to the central bank’s 2% target. Here is a transcript of his remarks.

JEROME H. POWELL: Good afternoon. My colleagues and I remain squarely focused on our dual mandate to promote maximum employment and stable prices for the American people.