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Fed's Powell: Possible fed could raise rates beyond December forecast

Reuters
·1-min read
U.S. Federal Reserve Chair Powell holds news conference after Fed announced quarter point interest rate hike in Washington

NEW YORK (Reuters) - Federal Reserve Chairman Jerome Powell said on Wednesday he is not fully sure where the central bank will stop with rate rises as it presses forward with its efforts to cool inflation.

"There is more work to do" and the Fed has not decided where it will stop rate rises, with the possibility the Fed will go above the 5.1% federal funds rate it penciled in as a terminal rate in its December forecasts, he said in a press conference following the Federal Open Market Committee meeting.

(Reporting by Michael S. Derby; Editing by Chris Reese)