Fed signals possible smaller rate increases ahead

STORY: Fed Chair Jerome Powell said that change in pace could come as soon as the central bank's next meeting in December, but he also cautioned that there remains extensive uncertainty about how high rates will need to go and they could well end up being higher than policymakers had estimated at their last meeting in September.

"We still think there's a need for ongoing rate increases," he said. "We have some ground left to cover here, and cover it we will."

Still, the time to reassess the pace of increases "is coming," Powell said at his press conference following the decision by the policy-setting Federal Open Market Committee (FOMC) to increase rates by a three-quarter point margin for a fourth straight meeting.