FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 50 basis points to the range of 4.25-4.5% following the December policy meeting.

Key quotes

"Important financial conditions reflect our policy restraint."

"Focus is not on short-term moves in financial conditions, but persistent moves."

"We are not at a sufficiently restrictive policy stance yet."

"I would also point you to our projections for our peak level of the funds rate."

"Fed policymaker projections are best assessment of where Fed policy rate will be."

"At each subsequent SEP this year, we have increased our estimates of peak rate."

"Can't tell you confidently we won't upgrade the peak at next meeting too, depends on data."

"If data comes in worse, peak could move up but could also move down if inflation data is soft."

"Earlier this year was important to move quickly on rates; now not so important how fast we go."

"Ultimate level of rates is more important."