The Financial Post reports in its Saturday edition that United States Federal Reserve chairman Jerome Powell said the central bank will raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path toward the Fed's 2-per-cent target. A Bloomberg dispatch to The Globe reports that Mr. Powell concedes inflation is down from its peak, but "remains too high." He welcomed the slower price gains the U.S. economy has achieved thanks to tighter monetary policy and further loosening of supply constraints after the pandemic. However, he cautioned that the process "still has a long way to go, even with the more favourable recent readings." At the same time, Mr. Powell suggested the Fed could hold rates steady at its next meeting in September, as investors expect. He said, "Given how far we have come, at upcoming meetings we are in a position to proceed carefully as we assess the incoming data and the evolving outlook and risks." The remarks matched Mr. Powell's character and communication for all of 2023: He is singularly focused on the mission of restoring price stability, and further tightening remains on the table to get back to 2 per cent if necessary.