Powell speech: Will likely need restrictive stance of policy for some time

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 3.75-4% following the November policy meeting.

Key quotes

"Strongly committed to bringing down inflation."

"Without price stability, will not achieve sustained strong labor market."

"We are moving policy stance purposefully."

"We will likely need restrictive stance of policy for some time."

"US economy has slowed significantly from last year."

"Growth in consumer spending has slowed, in part due to tighter financial conditions, lower real incomes."