The US economy is very strong and is well positioned to handle tighter monetary policy, Fed Chair Jerome Powell stated on Wednesday in the post-Fed meeting press conference. 

Additional Remarks:

• "We will do all we can to achieve our dual goals."
• "We always aim to provide as much clarity as we can about our intentions."
• "In the current circumstances, we think it helpful to provide more clarity than usual on policy."
• "When I offered guidance of 50 bps hike at the last meeting, I said that if data came in worse than expected, we would consider a more aggressive move."
• "The CPI data and inflation expectations data last week made us realize 75 bps was the way to go."
• "We want to see a series of declining monthly inflation readings."
• "We had expected to see inflation flattening out by now."
• "But inflation surprised to the upside."
• "We thought strong action was needed at this meeting."
• "We decided we needed to do more frontloading."
• "The next meeting could well be a decision between 50 bps and 75 bps."
• "It is desirable to be up to neutral on interest rates."
• "That would get us to a more normal range, and then would have optionality."
• "The Summary of Economic Projections really says that we want to see policy at modestly restrictive level at end of this year."
• "That is generally a range of 3 to 3.5%."
• "For much of the yield curve now, real rates are positive, but that's not true for the short end."