The Fed should accelerate the pace of key rate increases, said the head of the agency Jerome Powell. According to him, as reported by Reuters, if the regulator considers it appropriate a more aggressive approach, in particular, raising the rate by more than 25 bp, it will implement it. The U.S. labor market is in a very strong position, while at the same time inflation is too high. Tighter monetary policy may be needed to normalize the price level, Powell noted. What is needed now is to bring it back to a neutral level first, and then tighten it if necessary, he said. Goldman Sachs rates Powell's rhetoric as overtly hawkish and advises to prepare for two 50-bp rate hikes by summer. He adds that this outlook could worsen on the back of the Ukrainian conflict and a more difficult financial environment. Last week, the Fed raised its key rate from zero to 0.25 to 0.5%. This was the end of a long period of ultra-low interest rates, which lasted two years.