The Globe and Mail reports in its Saturday edition that Federal Reserve chairman Jerome Powell has warned that inflation in the United States is still too high. The Globe's Mark Rendell writes that Mr. Powell said in a short speech on Friday: "Although inflation has moved down from its peak -- a welcome development -- it remains too high. We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective." TD economist Leslie Preston says: "In recent weeks market pricing had likely moved in a direction the Fed liked, so Powell likely didn't want to rock the boat too much. ... The Fed is in wait and see mode, but has its finger hovering over the hike button if progress on cooler growth stalls." Mr. Powell said, "We are attentive to signs that the economy may not be cooling as expected." He added that GDP growth is tracking above the longer-term trend. "Additional evidence of persistently above-trend growth could put further progress on inflation at risk and could warrant further tightening of monetary policy." The Fed is struggling with uncertainty around the strength of interest-rate hikes.