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

"Conditions in banking sector have broadly improved."

"US banking system is sound and resilient."

"Committed to learning right lessons."

"Focus remains on dual mandate."

"Strongly committed to bringing inflation back down to 2%."

"Without price stability will not achieve sustained strong labor market."

"We will take a data-dependent approach from here."

"Activity in housing sector remains weak."

"Labor market remains very tight."

"Some signs that supply and demand in labor market coming back into better balance."

"Nominal wage growth has shown signs of easing."

"Inflation has moderated somewhat."

Inflation pressures continue to run high."

"Have a long way to go to bring down inflation."