Powell says the Fed would need to see a 'really significant' rise in inflation before hiking rates

'I think we would need to see a really significant move up in inflation that's persistent' before hiking rates again, Powell said Wendesyda.

Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on "Monetary Policy and the State of the Economy" in Washington, July 10, 2019.said Wednesday that the central bank would need to see a sustained and significant uptick in price pressures before considering future rate hikes.

Powell also detailed the Fed's decision to cut interest rates for the third time in 2019, saying that officials "see the current stance of monetary policy as likely to remain appropriate." The government's most recent read on the PCE price index showed a 0.2% increase in July. Excluding the volatile food and energy components, the PCE price index edged up 0.1% last month after rising 0.2% in July. That lifted the annual increase in the so-called core PCE price index to 1.8% in August, the biggest gain since January, from 1.7% in July.

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