FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 4.75-5% following the March policy meeting.

Key quotes

"Inflation has moderated somewhat but strength of recent readings indicate inflation pressures continue to run high."

"Process of getting inflation back down has a long way to go."

"Longer-term inflation expectations remain well anchored."

"We are continuing process of significantly reducing our balance sheet."

"Since last meeting, economic data has come in stronger than expected."

"But we think recent banking events will result in tighter credit conditions."

"That would impact the economy and how we need to respond."

"We will closely monitor incoming data, actual and expected effects of tighter credit conditions."

"We will use that as basis for decisions."

"Path of policy will adjust as appropriate, and we'll make decisions meeting by meeting."

"Reducing inflation is likely to require period of below trend growth and also softer labor conditions."