Fed's Powell says it's likely central bank can achieve 'soft landing'

NEW YORK, March 2 (Reuters) - The Federal Reserve may need to raise interest rates above what is considered neutral as it moves to control inflation, but policymakers should still be able to achieve a "soft landing," Fed Chair Jerome Powell said on Wednesday.

"I think it's more likely than not that we can achieve what we call a soft landing," Powell said during a Congressional hearing, noting that the U.S. economy is strong and should be able to withstand a series of rate increases. Powell said he estimates the neutral rate, at which the Fed is neither stimulating nor slowing down the economy, is between 2% and 2.5%. (Reporting by Jonnelle Marte Editing by Chizu Nomiyama)