FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 4.5-4.75% following the first policy meeting of 2023.

Key quotes

"Policymakers did not see this as a time to pause."

"Taking pauses in between moves is not something the Committee is talking about in any detail."

"Before a rate hike every other meeting was the norm but we have not yet decided path ahead."

"Overall my own view is we will not have sustainable return to 2% core ex housing sector inflation without increased labor slack."

"Most forecasters would say unemployment will probably rise a bit."

"There is a path to getting inflation to 2% without a significant economic decline."