Powell speech: There is no painless way to bring inflation down

FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to raise the policy rate by 75 basis points to the range of 3-3.25% following the September policy meeting.

Key quotes

"There is no painless way to bring inflation down."

"We haven't given up the idea we can have just a modest increase in the jobless rate while bringing inflation down."

"Think of price stability as an asset that delivers benefits to the public."

"Delay in getting inflation down would only lead to more pain."

"Once you are on path to lower inflation, things will start to feel better."