Fed Chair Jerome Powell warns the fight against inflation is far from over

Federal Reserve Chair Jerome Powell arrives for a meeting of financial regulators in Washington, D.C., on July 28, 2023. Powell warned on Friday the fight against inflation still "has a long way to go." (Kevin Dietsch/Getty Images)

Federal Reserve Chair Jerome Powell said on Friday inflation is still too high, and he warned that restoring price stability will likely require an extended period of elevated interest rates.

Speaking to a gathering of economists and central bankers in Jackson Hole, Wyo., Powell said it's encouraging that inflation has cooled — from 9.1% last summer to 3.2% last month.