Powell speech: Households are in very strong shape

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

"Going forward, we have seen a slowing in spending, beginnings of perhaps slight lessening in tightness of labor market."

"We understand goal of soft landing is very challenging, has become more so in recent months."

"I am gratified that markets have been orderly."

"From financial stability perspective, we have a well-capitalized banking system."

"Households are in very strong shape."

"So from that standpoint on financial stability, you have a decent picture."

"That's not to say, lower income households are not suffering."

"We're seeing real declines in food consumption."

"It is our job, unconditionally, to provide price stabilty."

"There will likely be some softening in labor market conditions ahead."

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."