US Fed Prepared To Raise Interest Rates Higher To Tame Inflation: Jerome Powell

In a latest development, the US Federal Reserve chairman Jerome Powell asserted on Friday that the central bank is prepared to increase interest rates higher and hold them there to bring down elevated inflation, according to reports.

As per an AFP report, ""We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective."

"It is the Fed's job to bring inflation down to our 2% goal, and we will do so," added Jerome Powell. "We have tightened policy significantly over the past year. Although inflation has moved down from its peak -- a welcome development -- it remains too high.

We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," according to a Reuters report.