FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3-3.25% following the September policy meeting.
Key quotes
"There is a fairly large group that would see 100 bps by year-end."
"Median policymaker sees 125 bps hikes by year-end."
"Core PCE inflation readings are not where we expected or wanted to be."
"MBS sales not something I expect to be considering in the near term."
"We are very aware of what's going on in other economies around the world and vice versa."
"Labor market in particular has been very strong."
"We are having an effect on interest-sensitive spending, exports and imports."
"There is still very significant savings out there to support growth."
"There is a possibility that growth could be stronger than we forecast, and that's a good thing."
"We cannot fail to get inflation down to 2%."
"Very high likelihood of period of much lower growth."
"We need to have a rise in unemployment, softer labor market conditions."
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