Last week, the Fed raised its benchmark interest rate to 1.5-1.75%.

Chairman of the Federal Reserve System (Fed, performs the functions of the central bank) of the United States Jerome Powell does not rule out a recession in the country in the event of an excessive increase in the base interest rate.

Powell on Wednesday spoke at a hearing in one of the committees of the Senate of the United States Congress. “Do you agree with the point of view that a too strong and rapid rate hike could lead us to a recession?”  One of the legislators asked.

“It’s certainly possible. This is not the result we are aiming for,” Powell replied.

Last week, the Fed raised the base interest rate by 0.75 percentage points at once, to 1.5-1.75%. The increase was the most aggressive since 1994. As Powell noted, the leadership of the U.S. Federal Reserve expects that the base interest rate will reach 3-3.5% by the end of this year.