Powell speech: We want to get to 3% to 3.5% by end-2022

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

"Our thinking is that we want to get to a moderately restrictive level by end of this year."

"That means 3% to 3.5%."

"Last inflation report was worse than expected."

"My view of terminal rate, as for all participants, has evolved."

"By September, we'll have more inflation data in hand."

"Very hard to say with any confidence what the economy will be like in 6-12 months."

"So, can't predict monetary policy rate range for next year."

"There is significantly more uncertainty now than usual."

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."