- Federal Reserve Chair Jerome Powell stated that the central bank has not yet reached its 2% inflation target.
- Powell emphasized that the historic series of interest-rate increases may continue if deemed necessary.
- The Fed raised the benchmark federal-funds rates to a 22-year high this year, reaching a range between 5.25% and 5.5%.
- While no immediate argument for raising rates was presented, Powell highlighted the importance of closely monitoring the U.S. economy.
- The goal remains to achieve the 2% inflation target, which the U.S. economy has not seen since 2012.