U.S. Federal Reserve Chairman Jerome Powell said that another hike in interest rates may be necessary to ensure inflation is contained. Powell also said, “It is the Fed’s job to bring inflation down to our 2% goal, and we will do so. We have tightened policy significantly over the past year. 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.” Powell emphasized that no decision has yet been made. The Fed has raised interest rates 11 times over the past 16 months, in which time it has gone from nearly 0% to well above 5%. The Fed is scheduled to meet three more times this year, in September, November and December.