Chair Jerome Powell reiterated the Federal Reserve’s intention to keep raising interest rates until there is convincing evidence that inflation is gradually declining – a high-stakes endeavor that risks triggering a recession.

Increases in the Federal Reserve’s benchmark short-term rate often result in higher borrowing rates for consumers and companies, including mortgages, auto loans, and credit cards.

“What we need to see is inflation coming down clearly and convincingly,” Powell said in remarks to a Wall Street Journal conference. “And we’re going to keep pushing until we see that.” The Fed chair, who was confirmed last week by the Senate to a second four-year term, suggested that the Fed would consider raising rates even faster if price increases fail to moderate.

“What we need to see,” Powell said, “is clear and convincing evidence that inflation pressures are abating and inflation is coming down. And if we don’t see that, then we’ll have to consider moving more aggressively. If we do see that, then we can consider moving to a slower pace.”

He also stated that the Fed “wouldn’t hesitate” to raise its benchmark rate to a level that would slow the economy if necessary.

While the precise number is unknown, Fed officials estimate it to be between 2.5 and 3 percent, or almost quadruple the present level.

Powell’s comments on Tuesday mirror earlier statements he has made indicating that the Fed is executing a sequence of rate rises that might result in the quickest tightening of credit in more than 30 years.