'Fed will raise rates further, faster if needed'

WASHINGTON, D.C.: Federal Reserve (Fed) Chairman Jerome Powell said on Monday (Tuesday in Manila) that the United States central bank would raise its benchmark short-term interest rate faster than expected and high enough to restrain growth and hiring, if it decides this would be necessary to slow rampaging inflation.

Powell's message was more hawkish than his comments were after last week's Fed meeting, when officials raised their key rate a quarter-point from near zero to a range of 0.25 percent to 0.5 percent. "Hawks" typically support higher rates to stave off inflation, while "doves" generally prefer lower rates to bolster hiring.