Mubasher: The chairman of the United States Federal Reserve Jerome Powell assured on Tuesday plans to continue raising interest rates at a pace of once every quarter.

“With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the [Federal Open Market Committee] (FOMC) believes that, for now, the best way forward is to keep gradually raising the federal funds rate,” Powell said in his testimony in front of the Senate Banking Committee.

Powell stressed that the American economy is growing at a solid pace and that unemployment rate was expected to fall further, with the inflation encouragingly moving towards the 2% target.

The chairman of the Federal Reserve also pointed to the risks of trade on growth in the future.