FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3-3.25% following the September policy meeting.

Key quotes

"My main message is that FOMC is strongly resolved to bring inflation down."

"Our focus is getting inflation back down. To do that, we think we'll need softening in labor market, below trend economic growth."

"So far, only modest evidence labor market cooling off."

"In light of high inflation, we think we will need to bring funds rate to restrictive level, keep it there for some time."

"Before reducing rates would want to be very confident inflation moving back down to 2%."

"No certainty on how the economy will unfold, need to move policy to restrictive level."

"There is a possibility we would go to a certain level on rates and stay there, but not there yet."

"We've just moved into lowest levels of what we consider restrictive today."

"Still a ways to go on rates."