By Michael S. Derby

NEW YORK, April 29 (Reuters) - Federal Reserve Chair Jerome Powell said on Wednesday that monetary policy is likely within the range that makes it neutral in its impact on the economy.

“I think we’re pretty close" to the neutral rate, which is likely somewhere within the 3% to 4% range, which now bounds the current federal funds target rate range of between 3.5% and 3.75%, Powell said in a press conference.

He added “If we need to hike, we will,” and “if we need to cut … then we'll signal the opposite.”