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

"If we overtighten, can use our tools to respond."

"We want to be sure we don't make a mistake of not tightening enough or loosening too soon."

"If we don't tighten enough, inflation could get entrenched."

"As we move now into restrictive territory, it will be appropriate to think more about lags."

"It is very premature to be thinking about pausing, very premature to even talk about that."

"We will write down in December an updated sense of where rates will need to go."