Federal Reserve chair Jerome Powell spoke about the U.S. economic situation on Wednesday after monetary policymakers raised their key interest rate by 25 basis points to a range of 4.5 to 4.75 per cent, its eighth hike since last March.

Despite inflation cooling, the Fed signalled it was still high enough to require further rate hikes. The risks that the Fed’s rate increases could send the economy into a recession, with waves of job losses, are rising.

Powell cautioned against prematurely loosening policy. “We will stay the course until the job is done,” he said.

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