Powell speech: Rate cuts this year are not our baseline expectation

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 4.75-5% following the March policy meeting.

Key quotes

"Rate cuts this year are not our baseline expectation."

"Policy has to be tight enough to bring down inflation, some of that tightness can come from credit conditions."

"At end of day, we will do enough to bring inflation down to 2%."

"We are well aware of concentrations in commercial real estate."

"I don't think it is comparable to these other banking strains."

"100% certainty there will be outside investigations in SVB, we welcome them."

"I welcome all investigations into this banking failure."

"Fiscal impulse is not driving inflation right now."