Jerome Powell says inflation is still too high and lower economic growth is likely needed to bring it down

. He noted that the Fed is prepared to take additional action if needed to ensure that inflation remains in line with its targeted rate. Powell also emphasized the need to improve labor market conditions and aid the recovery of the economy. He noted that the Fed is providing support through its ongoing securities purchase program and its emergency lending facilities. Finally, Powell expressed his belief that Congress and the Administration need to work together to address longer-term fiscal challenges.