Federal Reserve Chairman Jerome Powell met with reporters on Wednesday after the Federal Open Market Committee announced its decision to hike interest rates.
Asked what could spur the Fed to buoy the federal funds rate even faster, Powell said the central bank would need to move more quickly to raise rates if inflation "surprises to the upside."
"We don't see that," Powell said. "It's not in our forecasts."
One of the Federal Reserve's main jobs is to keep a lid on inflation, and Chairman Jerome Powell indicated that's not a very difficult job right now.
While there has been scattered evidence of price pressures, the central bank chief said there's no evidence of fundamental inflation building up in the economy.
Government bond yields moved lower after Powell discussed inflation.
This is a developing story. Check back here for more details.
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