WASHINGTON, June 22 (Reuters) - U.S. Federal Reserve Chair Jerome Powell on Thursday defended the likely need for further interest rate increases despite the possible impact on jobs.
"It is working families who suffer most directly and quickly from inflation," Powell responded, adding that Fed officials at this point feel "it will be appropriate to raise rates again this year, and perhaps twice, assuming the economy performs as expected."
But Powell also elaborated on the Fed's approach in coming months as policymakers debate how much further rates need to rise.
"We moved very, very quickly when we had to move quickly," with rates moving higher by 75 basis point per meeting at one point, Powell said.
But now "we're at least close to where we think our destination is...and it only makes common sense to move...at a careful pace," Powell said, with rates held steady at the June meeting.
Persons:
Jerome Powell, Powell, Sherrod Brown, ” Brown, Howard Schneider, Ann Saphir, Andrea Ricci
Organizations:
. Federal, U.S . Congress, Ohio Democratic, Banking Committee, Thomson
Locations:
Ohio