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 5-5.25% following the May policy meeting.

Key quotes

"A decision on a pause was not made today."

"Statement change was meaningful."

"It is a meaningful change to no longer say we anticipate more firming of policy."

"Staff forecast is independent of Fed policymakers."

"Broadly the staff forecast was for a mild recession."

"Staff forecast for this meeting was broadly similar to march forecast."

"Debt limit is a fiscal policy matter for elected officials to deal with."

"It is essential for debt limit to raised in timely way."

"Consequences of a default would be quite adverse."