Powell speech: Growth in consumer spending has slowed significantly

FOMC Chairman Jerome Powell is commenting on the policy outlook following the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 2.25-2.5%.

Key quotes

"We are moving expeditiously to bring inflation down."

"We have resolve to do it."

"Economy is resilient."

"Essential we bring inflation down."

"Labor market is extremely tight, inflation much too high."

"We are continuing process of significantly reducing our balance sheet."

"Growth in consumer spending has slowed significantly."

"Some of that reflects tighter financial conditions."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."