For Jerome Powell, raising U.S. interest rates this week will likely be the easy part.

The tougher job for the Federal Reserve's new chairman as he presides over his first gathering of the central bank's policy-setting committee is deciding what to do next.

The choice: emphasize continuity with his predecessor Janet Yellen's strategy of increasing rates gradually to exploit low inflation for labor market gains, or shift away from it by signaling faster hikes.

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