FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3-3.25% following the September policy meeting.

Key quotes

"We expect supply and demand conditions in labor market to come into better balance over time."

"Inflation remains well above our 2% goal."

"Price pressure evident across broad range of goods and services."

"Participants continue to see upside risks to inflation."

"No grounds for complacency on inflation."

"Highly attentive to risks of inflation."

"Over coming months, we'll be looking for compelling evidence inflation is moving down."