FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 50 basis points to the range of 4.25-4.5% following the December policy meeting.

Key quotes

"50 basis point rate hike is still large."

"We still have some way to go on rate hikes."

"Our projections are not a plan; no certainty on the economy."

"Our decisions will depend on incoming data in its totality."

"We will continue to make decisions meeting by meeting."

"We are taking forceful steps."

"Historical record cautions strongly against premature loosening."

"We still stay the course to get the job done."