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

"Strongly committed to bringing inflation down."

"Price stability is our bedrock."

"Economy does not work without price stability."

"We are moving our policy stance purposefully."

"Housing sector has weakened significantly."

"Weaker economic growth abroad restraining exports."

"Labor market has remained extremely tight, wage growth is elevated."

"Job gains have been robust."

"Labor market continues to be out of balance."