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

"We've covered a lot of ground, full effects of tightening yet to be felt."

"We have more work to do."

"Without price stability, no sustained strong labor market."

"We expect ongoing hikes are appropriate to get sufficiently restrictive."

"US economy has slowed significantly from last year."

"Activity in housing has weakened significantly."

"Higher rates also weighing on business fixed investment."

"Labor market remains extremely tight."

"Although job vacancies are down from earlier in year, labor market still out of balance."