Fed Chair Sees Long Road Ahead to Tame Inflation, Hints at Further Rate Hikes

Federal Reserve Chair Jerome Powell says inflation is still too high at 3.7%, though cooling from over 8% last year.

The Fed is committed to bringing inflation down to 2%, but sees path as bumpy and taking time.

Powell indicates no rate hike in November, but leaves door open for December or future meetings.

Experts say inflation needs to decrease steadily, not just temporarily, to reach 2% target sustainably.

Higher rates for longer will make financing costly for consumers, who may cut back spending in other areas.