US Federal Reserve Chair Jerome Powell has stated that the central bank's aim of keeping inflation contained at a 2% target is still far from being achieved. Speaking at a post-Fed meeting press conference, Powell discussed the state of the US economy and the forecast for the coming months.

The Federal Open Market Committee (FOMC) recently announced a 25 basis point rate hike, which was widely anticipated by the financial markets. The FOMC has also noted that US economic activity has been expanding at a moderate pace, with strong job gains and low unemployment, but inflation remains elevated.