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

"Inflation data received in October and November show a welcome reduction in price increases."

"Inflation expectations remain well anchored but that is not grounds for complacency."

"FOMC continues to see risks to inflation as to the upside."

"Financial conditions fluctuate in short term, but important that over time they reflect policy restraint."

"We are seeing effects on demand in interest-rate sensitive sectors, but takes time for the rest of the economy."