Photo: Jerome Powell, chairman of the U.S. Federal Reserve, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on June 22, 2023. Photographer: Nathan Howard/Bloomberg Jerome Powell, chairman of the U.S. Federal Reserve, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, D.C., on June 22, 2023. Photographer: Nathan Howard/Bloomberg

Federal Reserve Chair Jerome Powell said at least two more interest rate increases will likely be necessary this year to bring the inflation rate down to the U.S. central bank's 2 percent target, and acting at consecutive policy meetings isn't "off the table."

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