Fed's Powell signals inflation fight not over, more rate hikes possible

Federal Reserve Chair Jerome Powell on Friday struck a hawkish tone during the annual central bank gathering in Wyoming: Inflation remains too high, and additional interest rate hikes may be warranted. 

In his hotly anticipated speech at the Kansas Federal Reserve's Jackson Hole symposium, Powell noted that while inflation has fallen considerably in recent months, it remains far from acceptable levels.

"Although inflation has moved down from its peak—a welcome development—it remains too high," he said. "We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective."

The Fed is scheduled to meet three more times this year, in September, November and December.