FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 4.75-5% following the March policy meeting.

Key quotes

"Banking system is sound and resilient."

"Deposit flows in banking system have stabilized."

"We are undertaking thorough review to see if we need to strengthen regulation."

"Considered banking system issues in days running up to meeting."

"Inter-meeting data on jobs and inflation came in stronger than expected."

"A couple of weeks ago we thought we would have to raise terminal rate, before banking stresses."

"Important to sustain confidence with actions and words."

"In principle, we can think of banking strain as equivalent to a rate hike."

"In assessing need for further hikes, we will particularly be focused on actual, expected effects of credit tightening."