Federal Reserve Chair Jerome Powell on Thursday struck a cautious note about the future of monetary policy, warning that it is premature to declare victory against inflation and that additional rate hikes may be warranted.

"We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes," Powell said in remarks prepared for delivery at an event hosted by the International Monetary Fund. "If it becomes appropriate to tighten policy further, we will not hesitate to do so."

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