Federal Reserve Chair Jerome Powell warned that the central bank still has “some ways to go” after the Federal Open Market Committee raised its benchmark rate by 50 basis points to a 4.25 percent to 4.5 percent target range. Powell said the rate increases at the Fed’s next meeting on February 1st would depend on incoming data. Policymakers projected rates would end next year at 5.1 percent before being cut to 4.1% in 2024.