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While speaking in Zurich, Federal Reserve Chairman Jerome Powell said the recent rise in interest rates by the Fed and other major central banks should not be disruptive to the global economy, the Associated Press reports.

He added that the role U.S. monetary policy plays in driving global financial conditions and capital flows is often exaggerated.

The pickup in both global growth and commodity prices have played bigger roles in the recent recovery of capital flows to emerging market economies than any policy moves by central banks, he said.

After keeping its benchmark interest rate at a record low near zero for seven years following the 2008 financial crisis, the Fed began gradually increasing the rate in December 2015. It made a sixth quarter-point move in March. Many private economists believe the Fed will raise rates again in June and will hike rates a total of three or four times this year.

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