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

"If we overtighten then we have the ability with our tools to support economic activity."

"On the other hand, if you undertighten, it is a year or two down the road you realize you haven't got inflation under control."

"A mistake in the direction of not tightening enough risks entrenched inflation, bigger employment costs."

"Employment costs of that go up with the passage of time."

"We are now focused on what's the level we need to get rates to."

"I don't know what we'll do when we get there by the way."

"I am trying to make sure our message is clear that we have a ways to go until we have got to a sufficient level on interest rates."