Fed's Powell: 'Ultimate level' of rates likely higher than earlier estimates

(Reuters) - The "ultimate level" of the Federal Reserve's benchmark policy rate is likely higher than previously estimated, Fed Chair Jerome Powell said on Wednesday.

In remarks at a press conference after the Fed raised rates by 75 basis points for a fourth consecutive meeting, Powell said there is "significant uncertainty" around the level of rates needed to bring down inflation, but "we still have some ways to go."

(Reporting By Dan Burns; editing by Jonathan Oatis)