Fed's Powell cautions against 'prematurely' lowering rates

Federal Reserve Chair Jerome Powell said the US central bank is committed to raising interest rates and keeping them high until inflation comes down, and warned against reversing course too soon.

"The historical record cautions strongly against prematurely loosening policy," Powell told reporters after the Fed announced its third consecutive 0.75 percentage point increase in the benchmark interest rate.

He said there is no room for complacency and the Fed will "keep at it until the job is done," although at some point it will be appropriate to slow the pace of rate increases.

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