By Michael S. Derby

NEW YORK (Reuters) – Federal Reserve Chair Jerome Powell said Wednesday that officials have not yet made a call on the size of the rate increase they are almost certain to deliver at their upcoming policy meeting.

“We have not made any decision about the March meeting, we are not going to do that until we see the additional data” that will come between now and the March 21-22 Federal Open Market Committee meeting, Powell told a House panel as part of testimony on the economy and monetary policy.

“We are not on a pre-set path” and upcoming data will help determine whether a 25 basis point or 50 basis point rate rise will be needed at the officials’ next gathering, Powell said.

Powell’s comments over Tuesday and Wednesday have indicated the Fed may have to raise rates higher and keep them there for longer in light of strong activity data and persistently high inflation levels.

(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)