The inflation fight is far from over because price pressures are too elevated for the Federal Reserve’s liking, Chair Jerome Powell said Wednesday.

“The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,” Powell said. “Inflation has moderated somewhat since the middle of last year, but the strength of these recent readings indicates that inflation pressures continue to run high.” (See MNI INTERVIEW: Americans' Top Concern Remains Inflation-Umich)