FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 4.5-4.75% following the first policy meeting of 2023.

Key quotes

"Wage growth is elevated."

"Job market is extremely tight, job gains have been robust."

"Labor market continues to be out of balance."

"Pace of job gains has slowed and nominal wage growth too, but labor market still out of balance."

"Labor demand substantially exceeds supply."

"Inflation is well above our goal."

"Inflation data over past 3 months show welcome reduction in pace of increases but we need substantially more evidence to be confident inflation is on a downward path."

"Longer-term inflation expectations remain well anchored but that's not grounds for complacency."