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

"Isolated banking problems if left unaddressed can threaten banking system."

"That's why we took decisive action."

"All depositors' savings are safe."

"Our lending programs are effectively meeting banks needs."

"Also shows ample liquidity available."

"Will use all the tools needed."

"We will continue to closely monitor, prepared to use all tools to keep banking system safe and sound."

"We will also learn lessons from this episode."

"Inflation remains too high."

"Labor market still too tight."

"We remain strongly committed to bringing inflation to 2%."

"Economy doesn't work for anyone without low inflation."

"Consumer spending appears to have picked up this quarter although some of that is weather related."

"Activity in housing remains weak."

"Policymakers generally expect subdued growth to continue and almost all on FOMC sees risks on growth as weighted to the downside."

"Wage growth has shown some signs of easing but demand still outstrips supply."

"We expect that to come into better balance over time."

"Inflation remains well above our goal."