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

 "We need to answer how Fed authorities enforce their warnings to banks in these situations."

"But this review is going on and I want to find out what we can do better."

"Then we will implement changes needed."

"I am confident this review will produce a satisfactory result."

"We have not talked about changing balance sheet implementation."

"Financial conditions have tightened probably more than by what traditional indices say."

"Other measures of bank lending etc, show some more tightening."

"Question for us is the extent and duration of financial conditions tightening."

"Our first task is to see if this is sustained tightening or not."