Fed’s Powell: Battle to bring down inflation still has ‘a long way to go’

Fed’s Chair Jerome Powell is testifying before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee, just one week after the central bank paused its most aggressive rate-hiking campaign in decades.

Powell doubled down on the hawkish view that the Fed isn’t done battling inflation in his remarks to lawmakers. “Inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go,” he said.

But Powell reassured lawmakers Wednesday that the Fed’s policy moves will evolve as inflation slows. “Now we’re moderating that pace, much as you might do if you were to be driving 75 miles an hour on a highway, then 50 miles an hour on a local highway, then as you get closer to your destination you try to find that destination you slow down even further,” he said.