U.S. Fed Chair Jerome Powell said on Wednesday that the Fed has not made a decision yet on ending its rate hiking campaign, and that it is too early to cut interest rates.

Powell issued the position in a press conference after the Federal Open Market Committee(FOMC) raised the benchmark key rate by a quarter of a percentage point again, as expected.

When asked about a possible pause on raising interest rates, Powell said that "a decision on a pause was not made today."

He added that the FOMC members view that inflation is not going to come down quickly and that it will take some time. He said that if that forecast is broadly right, it would not be appropriate to cut rates.

Powell also stressed that if more restrictive monetary policy is proper, the Fed is ready to do more, and that even additional hikes are possible depending on the situation.