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Federal Reserve Chair Jerome Powell and other officials expressed a cautious approach to interest rate policy, indicating a willingness to tighten further if necessary to control inflation. Powell emphasized the need to avoid failing to control inflation, stating that it would be the biggest mistake. Despite acknowledging progress in curbing inflation, policymakers remain uncertain about the sufficiency of current measures. St. Louis Fed interim president Kathleen O’Neill Paese also suggested readiness to raise rates further if inflation progress slows. However, Federal Reserve Bank of Atlanta President Raphael Bostic expressed confidence in returning inflation to the goal without needing further rate hikes.