JEROME POWELL: Today, the FOMC raised our policy interest
rate by 25 basis points.
We continue to anticipate that ongoing increases will be
appropriate in order to attain a stance of monetary policy
that is sufficiently restrictive to return
inflation to 2% over time.
In addition, we are continuing the process
of significantly reducing the size of our balance sheet.
Restoring price stability will likely
require maintaining a restrictive stance
for some time.
I will have more to say about today's monetary policy actions
after briefly reviewing economic developments.