Powell speech: Right now very low interest rates are not appropriate, inflation is too high

Federal Reserve Chairman Jerome Powell, on the second day of his semi-annual testimony before the US Congress, said that, right now, very low-interest rates are not appropriate and inflation is too high, reported Reuters.

Additional Remarks:

"We are going to use our tools to bring it (inflation) down."

Repeats he will support a 25bps rate rise in March. 

"We are prepared to raise interest rates by more than that in a meeting or meetings if inflation doesn't come down."

"Interest rate is the active tool of monetary policy."

"Over the course of this year, we will raise interest rates and allow the balance sheet to shrink."

"We will decide the path for the balance sheet and let it go in the background."