The Federal Reserve approved a 0.5% interest rate increase on Dec. 14, suggesting more to come in 2023.

During a news conference the same day, Fed Chairman Jerome Powell commented about the possibility of a recession.

“I don’ think anyone knows if we’re going to have a recession or not,” he said, “and if we do, whether it’s going to be deep or not. It’s just not knowable.”

The Fed’s decision comes after three straight interest hikes of 0.75% each.

The Fed also issued its Federal Open Markets Committee statement.

“Recent indicators point to modest growth in spending and production,” the statement read in part. “Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.”