Jerome Powell, Chairman of the Federal Reserve (Fed), speaks on the economic outlook and policy before the Economic Club of New York.

Key quotes

"Business contacts say economy remains strong."

"Cost of capital could be issue for small companies."

"Fed policy is blunt, but it's what the Fed has to tackle inflation."

"We know Fed actions are having negative impacts on parts of economy."

"Fed must get back to price stability."

"Higher bond yields are producing tighter financial conditions which fed wants."

"At margin, higher yields take some pressure off Fed to raise rates."

"There are many signs labor market getting back into balance."

"Wage increases are moderating, job openings weakening."

"The labor market is gradually cooling."

"Things have settled down on banking front."

"Bank stress has really settled down, Fed is still watching for trouble."

"Banks are strong, well capitalized."