FOMC Chairman Jerome Powell is commenting on the policy outlook following the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 2.25-2.5%.
Key quotes
"No one can be sure on whether we can achieve a soft landing."
"Balance sheet reduction is working fine, markets have accepted it, and should be able to absorb it."
"Balance sheet reduction will be picking up steam."
"Getting down to new balance sheet equilibrium could take 2 – 2.5 years."
"Markets seem to have confidence in the Fed's commitment to 2% inflation."
"Broader financial conditions have tightened a good bit."
"We're going to get our policy rate to level where we are confident inflation will come down to 2%."
"We'll be watching financial conditions to see they are appropriately tight."