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 4.75-5% following the March policy meeting.

Key quotes

"The story on disinflation is intact."

"Goods inflation is coming down even if more slowly than we would like."

"We still don't have sign of progress on services ex housing sector."

"That's just something that will have to come through softening of demand, labor conditions."

"We don't yet see progress on core services inflation excluding housing."

"Inflation data, however, did point to stronger inflation."

"We don't know the extent of impact of tighter credit conditions."

"We don't know how significant, or sustained, the effect of this credit tightening will be."

"That said, we think it's quite real."

"That argues for being alert when we think of further rate hikes."