Powell speech: Policymakers did not see this as a time to pause

FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 25 basis points to the range of 4.5-4.75% following the first policy meeting of 2023.

Key quotes

"Policymakers did not see this as a time to pause."

"Taking pauses in between moves is not something the Committee is talking about in any detail."

"Before a rate hike every other meeting was the norm but we have not yet decided path ahead."

"Overall my own view is we will not have sustainable return to 2% core ex housing sector inflation without increased labor slack."

"Most forecasters would say unemployment will probably rise a bit."

"There is a path to getting inflation to 2% without a significant economic decline."