Photo: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on February 1, 2023. Photographer: Al Drago/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a news conference following an FOMC meeting in Washington, D.C., on February 1, 2023. Photographer: Al Drago/Bloomberg

Federal Reserve Chair Jerome Powell said policymakers expect to deliver a “couple” more interest-rate increases before putting their aggressive tightening campaign on hold, even as they slowed their drive to curb inflation.

Powell and his colleagues lifted the Fed’s target for its benchmark rate by a quarter percentage point, to a range of 4.5 percent to 4.75 percent. The smaller move followed a half-point increase in December and four jumbo-sized 75 basis point (bps) hikes prior to that.

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