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Federal Reserve chair makes the case for raising interest rates

Federal Reserve Chair Jerome Powell
Federal Reserve Chairman Jerome Powell. Photo: Mark Wilson/Getty Images

Federal Reserve Chairman Jerome Powell made the case for the central bank to continue raising interest rates on Wednesday, CNBC reports:

"But with unemployment low and expected to decline further, inflation close to our objective, and the risks to the outlook roughly balanced, the case for continued gradual increases in the federal funds rate is strong."

The details: His quote comes after the Fed announced last week it raise interest rates by a quarter of a percentage point. It was the sixth rate increase since December 2015 after rates had remained relatively flat over the years prior in the aftermath of the Great Recession.