Fed's Powell says monetary policy is 'modestly restrictive'

By Michael S. Derby

June 18 (Reuters) - Federal Reserve Chairman Jerome Powell said on Wednesday that monetary policy still needs to impose some restraint on the economy given where inflation stands.

The current level of interest rates--the Fed's target range rests between 4.25% and 4.5%--is "not very high," Powell said. "I would say policy is modestly or moderately, probably modestly now restrictive."

He added, "If you look at the economy, it's not performing as though it were performing" under "very restrictive monetary policy."