Fed Chair Powell: More Rate Hikes May Be Needed as Inflation Fight Continues
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Federal Reserve Chair Jerome Powell said it's too early to declare victory over inflation, signaling more rate hikes may be needed.
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Powell said policymakers remain committed to returning inflation to the 2% target, but are "not confident that we have achieved such a stance."
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Inflation has cooled in recent months but remains high at 3.7% over the last year.
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The Fed has raised rates aggressively, approving 11 hikes over the past year to cool inflation.
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Powell reiterated the Fed aims to strike a balance between raising rates enough to curb inflation without overtightening and damaging the economy.