Federal Reserve Chair Jerome Powell said Wednesday policymakers stand ready to raise interest rates further if they believe such action is needed to bring inflation back to its 2% target.

"We are prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we are confident that inflation is moving down sustainably toward our objective," Powell said. (See MNI INTERVIEW: Resilience Calls For More Fed Tightening-Tracy)

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Federal Reserve Chair Jerome Powell said Wednesday policymakers stand ready to raise interest rates further if they believe such action is needed to bring inflation back to its 2% target.

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MNI BRIEF: Powell Ready To Hike Further If Appropriate