Fed Chair: US outlook strong, gradual rate hikes expected

The US economic outlook is strong and continued gradual increases in the key interest rate will help keep it on track, Federal Reserve Chairman Jerome Powell said in his debut congressional appearance today.
Powell said inflation has been held down by temporary factors but is set to rise this year closer to the two percent goal, as wage gains also accelerate at long last.
In his prepared testimony, he said "the economic outlook remains strong" and "further gradual increases in the federal funds rate will best promote attainment of both of our objectives" of full employment and stable inflation.