watch nowFederal Reserve Chair Jerome Powell on Friday called for more vigilance in the fight against inflation, warning that additional interest rate increases could be yet to come.
Regardless, Powell indicated it's too soon to declare victory, even with data this summer running largely in the Fed's favor.
A need to 'proceed carefully'Powell's remarks follow a series of 11 interest rate hikes that have pushed the Fed's key interest rate to a target range of 5.25%-5.5%, the highest level in more than 22 years.
He noted progress on all three, but said nonhousing is the most difficult to gauge as it is the least sensitive to interest rate adjustments.
Inflation measured over the past three and six months has declined, however, which is encouraging," Powell said.
Persons:
Jerome Powell, Powell, Jackson, it's, Ryan Detrick, Jack McIntyre, nonhousing
Organizations:
Kansas City, Fed, Bureau of Labor Statistics, Dow Jones, Carson Group, Federal, Market, Brandywine, Commerce Department, Labor
Locations:
Jackson Hole , Wyoming, policymaking