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

"We keep close tabs on economic developments abroad."

"We are in frequent contact with our foreign counterparts."

"I have a meeting this weekend with many central bankers."

"Clearly this is a difficult time in the global economy."

"We're seeing China having issues with zero covid policy."

"Strong dollar is a challenge for some countries."

"We take all that into account in our models."

"In the US, we have a strong economy."

"We know we need to use our tools to get inflation down, the world won't be better off if we don't do that."

"Price stability in the US is a good thing for the global economy."