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 5-5.25% following the May policy meeting.

Key quotes

"No one should assume the Fed can protect the economy from a failure to pay bills on time."

"Debt ceiling did come up in discussions."

"Talked about debt limit issue as a risk to the outlook."

"Debt limit issue was not important in today's monetary policy decision."

"Was raised by some as a risk but not critical to today's decision."

"The feFebruary 14 presentation was a general presentation on interest rate risks."

"There was one page on Silicon Valley Bank."

"Nothing in the February 14 briefing about the risk of a bank run."

"Staff was going to do a horizontal assessment of banks, not presented as urgent or alarming."

"Many banks are now attending to liquidity."

"Financial stability tools and monetary policy tools are working well together."