(Reuters). U.S. Federal Reserve chair Jerome Powell stated Tuesday that within the next few months the economy will probably clear the Fed’s inflation-targeted bar for increasing interest rates. But, full employment would be required before the Fed would lift off.

Powell stated that although this was a committee decision, he believes the committee will make it. However, he said to the Senate Banking Committee, “I think, this is an economic decision that the committee should make. But I believe the committee, and I think in the coming meetings, we will end up declaring that these inflation conditions have been met.” Powell told the Senate Banking Committee that while the Fed said they would not increase rates until full employment is achieved, inflation has been at 2.2% for some time and will likely exceed it moderately over time.