FOMC Chairman Jerome Powell is commenting on the policy outlook following the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 2.25-2.5%.

Key quotes

"We will watch both CPI and PCE, but we think PCE is the best measure of inflation."

"There is a slowing in demand in Q2."

"At same time, there is a tight labor market."

"We think demand is moderating, but not sure yet by how much."

"Money still on household balance sheets, labor market still robust."

"We want to see demand running below potential for a sustained period."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."