The Fed Remains Prepared to Raise Rates Further If Needed, Powell Says

Federal Reserve Chair Jerome Powell in front of mountain range at Jackson Hole, Wyoming.

Federal Reserve Chairman Jerome Powell got to the point quickly in his speech at the central bank’s annual conference in Jackson Hole, Wyoming, on Thursday: “It is the Fed’s job to bring inflation down to our 2% goal, and we will do so.”

Powell acknowledged that inflation has fallen from its peak, but also stressed that it remains too high. As such, the central bank's rate-setting group, the Federal Open Market Committee (FOMC), is "prepared to raise rates further if appropriate,” Powell said. The Fed will assess incoming data, the evolving outlook and risks, and proceed carefully, he added.