Fed's Powell says no decision yet on pace of rate hikes

Although inflation has been moderating in recent months, the process of getting inflation back down to 2 percent is a long way to go and is likely to be bumpy. As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If, and I stress that no decision has been made on this, but if the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time. Our overarching focus is using our tools to bring inflation back down to our 2 percent goal and to keep longer term inflation expectations well anchored. Restoring price stability is essential to set the stage for achieving maximum employment and stable prices over the longer run. The historical record cautions strongly against prematurely loosening policy.

We will stay the course until the job is done. Again, we have not made any decision about the March meeting. We're not going to do that until we see the additional data. Larger point though is that we're not on a preset path and that we will be guided by the incoming data and the evolving outlook. So on behalf of the people of this country, to prevent a recession, yes or no, Chairman Powell, will you pause future interest rate hikes?.

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