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 3.75-4% following the November policy meeting.

Key quotes

"We think ongoing increases in rates will be appropriate to get policy sufficiently restrictive."

"Financial conditions have tightened significantly."

"Will take time for full effects of monetary restraint to be realized."

"At some point will become appropriate to slow pace of rate hikes."

"There is significant uncertainty around that level of interest rates."

"We still have some ways to go."

"Data suggest ultimate level of interest rates will be higher than previously expected."

"Taking forceful steps to moderate demand."