Fed's Powell: Up to 2 rate hikes possible this year

Jerome Powell, governor of the U.S. Federal Reserve
Andrew Harrer | Bloomberg | Getty Images
Jerome Powell, governor of the U.S. Federal Reserve

Federal Reserve Governor Jerome Powell on Tuesday said he sees conditions for an interest rate liftoff as soon as September, and an additional increase in December.

He added that he believes the dollar and oil prices have broadly stabilized.

He estimated the economy will grow at around a 2 percent pace this year.

Powell said he's seen positive signs in the economy, including a pickup in wages and an uptick in the labor participation rate.

Powell is a voting member on the policy-setting committee.