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

"Higher interest rates, slower growth, softening labor market are all painful for public but they are not as painful as failing to restore price stability."

"We want to act aggressively now and keep at it until we get inflation down."

"In housing market, we have to go through a correction to get back to normal price growth."

"This difficult correction should put housing market back into better balance."

"Likely rates will get to levels in the Summary of Economic Projections."

"We've written down a plausible path for fed funds rate and the actual path will be enough to bring down inflation."