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In his annual speech at the Jackson Hole Economic Symposium, Federal Reserve Chairman Jerome Powell warned that the Fed is ready to raise rates again if it's needed. Powell stressed that though inflation has come down, "it remains too high." As a result, the Fed is prepared to "raise rates further if appropriate" and will "hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective," Powell said. Going forward, the Fed chair says they will "proceed carefully" as they assess incoming data. Powell also discussed the road ahead, stating "there is substantial further ground to cover to get back to price stability."

You can watch Federal Reserve Chair Jerome Powell's full speech by clicking here.