Fed prepared to raise interest rates 'aggressively': Powell

WASHINGTON: The US central bank is prepared to raise interest rates by bigger steps than the quarter-point hike announced last week if that is what's needed to contain"much too high" inflation, Federal Reserve Chair Jerome Powell said on Monday .

Inflation was already rising before the Russian invasion of Ukraine added to new price pressures and supply chain impediments that could spill over to the US economy, he told the National Association for Business Economics. Atlanta Fed Bank President Raphael Bostic, who spoke to the NABE conference early Monday, said he will"adapt" his views to the data, even if it means raising a full point.

Like Bostic, Powell said the key issue is containing prices, and he dismissed the idea of raising the Fed's inflation target to three percent from two per cent. The Fed chief noted that the sum of jobs and vacancies is about five million bigger than the size of the US labour force.

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