Federal Reserve officials committed to raising interest rates to a restrictive level in the near term and holding them there to curb inflation, though several said it would be important to calibrate hikes to mitigate risks.

Declaring that the battle against Covid-19 is not over, Federal Reserve Chairman Jerome Powell pledged to keep the monetary spigots wide open to aid the pandemic-hit economy, brushing aside concerns the super-easy stance will spawn a stock market bubble and too-high inflation.

Federal Reserve Chair Jerome Powell opened the door to a possible shift in the central bank’s bond purchases in coming months, saying that more fiscal and monetary support are needed as rising Covid-19 infections cloud the outlook for the economic recovery.