Fed Chair Powell: further rate hikes best way to protect recovery
Mr Powell's comments not a direct response to President Trump's criticism of higher rates
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Jackson Hole, US
THE Federal Reserve's steady interest rate hikes are the best way to protect the US economic recovery and keep job growth as strong as possible and inflation under control, Federal Reserve Chair Jerome Powell said on Friday in a high-profile endorsement of the central bank's current approach to policy.
Speaking just days after President Donald Trump criticised the US central bank's rate hikes, Mr Powell used an annual research symposium here to "explain today why my colleagues and I believe that this gradual process...remains appropriate. The economy is strong. Inflation is near our 2 per cent objective, and most people who want a job are finding one... If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate."
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