The Globe and Mail reports in its Thursday edition that U.S. Federal Reserve chairman Jerome Powell reiterated Wednesday that more rate rises likely lie ahead for the central bank. A Reuters dispatch to The Globe reports that Mr. Powell said at a European Central Bank conference held in Sintra, Portugal, "We've come a long way" with rate rises, noting that holding off on a rate rise earlier this month was a move to take stock of how the rate-hike campaign is affecting the economy. Mr. Powell said future policy actions will be driven by how the economy is performing, noting "the only thing we decided was not to raise rates at the June meeting." Mr. Powell said, "I wouldn't take, you know, moving at consecutive meetings off the table at all," noting "the committee clearly believes that there's more work to do, that there are more rate hikes that are likely to be appropriate" at some point over the course of the year. The next rate setting Federal Open Market Committee meeting is scheduled for July 25-26. Earlier this month, the Fed refrained from boosting its federal funds target rate for the first time since it started raising rates in March, 2022, when the target rate was at near zero levels.