Powell speech: Dot plot projections do not represent plan or commitment

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

"Pace of rate increases will depend on data, outlook."

"At some point, will become appropriate to slow pace of rate hikes."

"We will continue to make decisions meeting by meeting."

"We'll need restrictive policy stance likely for some time."

"Dot plot projections do not represent plan or commitment."

"We are taking forceful, rapid steps."

"Reducing inflation is likely to require a sustained period of below-trend growth."

"We will keep at it until confident the job is done on inflation."

"We will do everything we can to achieve our goals."