Washington, June 23 (TIWN) US Federal Reserve Chair Jerome Powell said that the central bank is trying to bring inflation down without inflicting too much damage, but the Fed's aggressive rate hikes could tip the American economy into recession.

"We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so," Powell told lawmakers at a hearing held by the Senate Committee on Banking, Housing, and Urban Affairs. 

"My colleagues and I are acutely aware that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing, and transportation," said the Fed chair, noting that the central bank is highly attentive to the risks of high inflation.