Powell’s vow comes less than a week after the Federal Reserve upped interest rates for the first time since 2018 in a bid to tackle inflation that is at its highest level in four decades. 

On Monday, Powell reiterated the position the Federal Open Market Committee made in its post-meeting statement, stating that interest rate hikes would continue until inflation is once again under control. Powell said that, if necessary, increases could be even higher than the quarter-percentage point move approved in the meeting. 

“We will take the necessary steps to ensure a return to price stability,” Powell said. “In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so. And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well.”