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

"We have taken forceful actions over past year."

"We have covered a lot of ground, full effects yet to be felt."

"We have more work to do."

"We continue to anticipate ongoing increases will be appropriate to get to sufficiently restrictive stance."

"We will likely have to maintain restrictive stance for some time."

"Economy slowed significantly last year."

"Consumer spending appears to be subdued."

"Housing activity continues to weaken."