FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3.75-4% following the November policy meeting.

Key quotes

"Activity in housing has weakened."

"Slower output growth also weighing on business fixed investment."

"Job vacancies still very high."

"Labor market is extremely tight, still out of balance."

"Demand substantially exceeding supply there."

"Inflation is still well above our goal."

"Recent inflation data has come in stronger than expected."

"Longer-term inflation expectations are still well anchored."

"That is not grounds for complacency though, acutely aware high inflation imposes significant hardship."