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

"If we need to raise rates higher, we will. But right, now we see the likelihood of credit tightening."

"We will be watching that carefully."

"Recent liquidity provision that has increased balance sheet size is not intended to alter stance of monetary policy."

"We don't see ourselves as running reserve shortages."

"We are always prepared to change if that changes, but see no evidence so far."

"Our supervisory team was very much engaged with SVB and escalated issues but we need to try and understand how the bank still failed."

"The speed of the run on SVB suggests need for possible regulatory, supervisory changes."