Powell speech: Hard to predict how much credit tightening will replace need for any further rate hikes

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

"Don't have an agenda for further bank consolidation."

"Bank consolidation has been going on for a while."

"Have long felt that having small, medium and large banks is a great part of our banking system."

"Hard to predict how much credit tightening will replace need for any further rate hikes."

"Assessing the extent to which firmer policy will be needed will be ongoing, and meeting by meeting."

"Credit tightening complicates that assessment, adds uncertainty."

"Will be an ongoing assessment whether Fed has reached sufficiently restrictive."

"Not possible to say with confidence if we have reached sufficiently restrictive level."

"Will revisit that at June meeting."

"Before declaring we've reached sufficiently restrictive stands will need more data."