Federal Reserve Chair Jerome Powell stated that the Fed is not close to ending its anti-inflation campaign of interest-rate increases. After the Federal Open Market Committee raised its benchmark rate by 50 basis points to a 4.25% to 4.5% target range, Powell indicated that borrowing costs will head higher than investors expect next year. The committee projected rates to end next year at 5.1%, before being cut to 4.1% in 2024. Powell emphasized that the size of the rate increase at the next meeting would depend on incoming data, leaving the possibility open for another half-percentage point move. The decision follows four consecutive 75 basis-point hikes, the fastest rate increase since the 1980s. Some economists predict that the aggressive actions by the Fed could tip the US into recession next year. Powell reiterated his commitment to lowering inflation and avoiding past mistakes, stating that the Fed will continue its course until the job is done.