Federal Reserve Chair Jay Powell announced that the central bank’s fight against inflation is not over and may see more interest rate hikes.

Although inflation has decreased from its peak, it remains too high.

Powell warned that the Fed will raise rates further if necessary and maintain policy restrictions until it is confident that inflation is moving sustainably down towards its objective.

He also restated the Fed’s target to two percent, stating that they are committed to achieving and sustaining a monetary policy that is sufficiently restrictive to bring inflation down to that level over time.

Experts considered Powell’s comments hawkish, warning that food and energy costs are unpredictable and short-term readings can be misleading.