Watch live: Fed Chair Jerome Powell holds press conference

Federal Reserve Chairman Jerome Powell is scheduled to speak with the media Wednesday afternoon following a two-day meeting of the Federal Open Market Committee (FOMC), the panel tasked with setting interest rates.

The Fed chose to keep interest rates steady on Wednesday, holding off on another increase despite two consecutive months of accelerating inflation. Previous significant hikes appeared to be working ahead of the spike.

Inflation is still higher than the Fed’s target, which makes the balance with growth trickier to pull off. The likely cautious approach would let the Fed keep its options open based on conditions between now and the next FOMC meeting in November.

The press conference is expected to begin at 2:30 p.m. EDT.

Watch the live video above.