FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 50 basis points to the range of 4.25-4.5% following the December policy meeting.

Key quotes

"We will make February decision based on financial conditions, economy."

"How high to raise rates depends on progress on inflation, where financial conditions are and how restrictive we think we need to be."

"At a certain point policy, will be restrictive enough."

"Strong view on FOMC is we need to hold rates at peak until we are really confident inflation is coming down in a sustained way."

"Expect shelter inflation to come down sometime next year."

"Expectation services inflation will not move down quickly, so we'll have to raise rates higher. That's why we have a higher peak rate."