Powell: More Rate Hikes May Be Needed If Economy Stays Strong, But Tighter Conditions Could Reduce Need

Jerome Powell said the Fed may need to raise rates further if growth stays strong or labor market doesn't cool.

Powell said recent resilient economic data was a "surprise" and rates may not have been high enough for long enough yet.

Powell didn't rule out another rate hike this year but said no decision was imminent.

Powell noted financial conditions have tightened significantly, which could reduce need for more rate hikes.

Powell reiterated commitment to controlling inflation but said uncertainties like war complicate balancing inflation and growth risks.