Fed chief vows to keep raising rates until ‘compelling evidence’ of falling inflation

The Fed chair, Jerome Powell, testifies on Capitol Hill in Washington DC on Wednesday. Photograph: Shawn Thew/EPA

The Federal Reserve will keep raising rates until it sees “compelling evidence” that inflation is coming down, the Fed chair, Jerome Powell, told Congress on Wednesday.

The US is wrestling with rates of inflation unseen in 40 years and Powell warned that “further surprises could be in store”.