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

"Highly attentive to risks of inflation to both sides of mandate."

"We are seeing the effects of policy tightening, particularly in housing and investment."

"Will take time for full effects of monetary restraint to be realize."

"Economy is likely to face headwinds from credit conditions."

"Strains from banking sector resulting in tighter conditions."

"Extent of effects is uncertain."

"Strains from banking system in March is resulting in even tighter conditions."

"Our future policy actions will depend on how events unfold."

"We will make rate determination meeting by meeting."

"We are prepared to do more if more is warranted."

"Reducing inflation likely to require period of below trend growth, softer labor market."

"Restoring price stability is essential."