Powell speech: A decision on a pause was not made today

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 5-5.25% following the May policy meeting.

Key quotes

"A decision on a pause was not made today."

"Statement change was meaningful."

"It is a meaningful change to no longer say we anticipate more firming of policy."

"Staff forecast is independent of Fed policymakers."

"Broadly the staff forecast was for a mild recession."

"Staff forecast for this meeting was broadly similar to march forecast."

"Debt limit is a fiscal policy matter for elected officials to deal with."

"It is essential for debt limit to raised in timely way."

"Consequences of a default would be quite adverse."