President Donald Trump's pick to lead the US Federal Reserve said Tuesday there is a strong case for raising the benchmark interest rate at the central bank's December policy meeting.

Fed governor Jerome Powell, in testimony to the Senate Banking Committee, said "the case for raising interest rates at the next meeting is coming together."

While he stressed that the final decision on the key lending rate will be made at the December 12-13 monetary policy meeting, "conditions are supportive of doing that."

Source: AFP