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

"We have the tools to protect depositors when there is the threat to economy, and are prepared to use them."

"Depositors should assume their deposits are safe."

"Takeover of credit suisse seems to have been a positive outcome."

"Unemployment rate estimate for this year is a highly uncertain estimate."

"Recessions tend to be nonlinear so very hard to model."

"We are very focused on getting inflation down."

"Too early to say if recent effects change odds of soft landing."

"There is still a pathway to a soft landing, trying to find it."