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 3.75-4% following the November policy meeting.

Key quotes

"Housing significantly impacted by higher rates."

"Housing market needs to get back into balance."

"From a financial stability standpoint, we haven't seen poor credit underwriting on housing."

"We don't see financial stability issues from the housing sector."

"So it's a very different situation, with no apparent financial stability risks from housing."

"We had thought we would have better labor supply by now."

"Wages are a mixed picture."

"We keep looking for signs of gradual labor market signs, but it's not obvious to me."

"Wages are moving sideways right now not down."

"Vacancies have not come down as much as we thought."

"I don't see the case for real softening in labor market just yet."

"Wages have an effect on inflation, and vice versa."

"Wages are not the principal reason for inflation, not seeing a wage-price spiral."