The Globe and Mail reports in its Thursday edition that the Federal Reserve will push rates higher than previously expected and keep them there for an extended period, chairman Jerome Powell said Wednesday. An Associated Press dispatch to The Globe reports that Mr. Powell's remarks were likely intended to underscore the Fed's single-minded focus on combating stubborn inflation. Yet, Mr. Powell also signalled that the Fed may increase its key interest rate by a half-point at its December meeting, a smaller boost after four straight three-quarter point hikes. Rate increases could then fall to a more traditional quarter-point size at its February and March meetings, based on previous Fed forecasts. Mr. Powell said the Fed is seeking to increase its benchmark rate by enough to slow the economy, hiring and wage growth, but not so much as to send the U.S. into recession. It has lifted the rate six times this year to a range of 3.75 per cent to 4 per cent, the highest in 15 years. Those increases have sharply boosted mortgage rates, causing home sales to plunge, while also raising costs for most other consumer and business loans. Mr. Powell said, "Slowing down at this point is a good way to balance the risks."