Federal Reserve Chair Jerome Powell says he "will not hesitate" to hike interest rates yet again.
Speaking in Washington D.C. on Thursday, Powell stressed that the Fed's goal is to reduce inflation to 2%, and promised "we will keep at it until the job is done."
"[The Fed] is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance," he said. "The process of getting inflation sustainably down to 2% has a long way to go."
The Fed has raised rates 11 times since March of last year in an effort to bring down inflation, to a current 22-year high of 5.4%. Inflation, meanwhile, has dropped to 3.7% from a peak of 9.1% last year.
Still, Powell suggested that future rate hikes might be necessary.
"We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes," he said. "If it becomes appropriate to tighten policy further, we will not hesitate to do so."
"We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data, and the risk of overtightening," he added.
Earlier this month, the Fed announced that it would pause rate increases, saying it would hold the federal funds rate in a range of 5.25% to 5.5%.