It is time to be focused on getting inflation down to 2%, Fed Chair Jerome Powell said Tuesday.

“We are going to keep pushing until we see that,” he said on a US television program he said, adding that Americans are suffering from high inflation but the Fed has the tools and the resolve to get it down.

Powell said inflation will not come down until there is clear and convincing evidence. “No one should doubt our resolve.”

He said there could be “some pain” during the process of restoring price stability.

Touching on the bank’s interest rate hike decision of 50 basis points at the last meeting and an expected new hike in the coming meetings, he signaled hikes of the same magnitude in the next two meetings.

“Monetary policy works through expectations,” he said, and added that markets have already priced a series of interest rate hikes.

He said the economy is currently so uncertain and “it is very difficult to think about trying to give guidance out into the future.”

“There are many global events going on that can act that are really not in our control as well,” he added.

US markets saw significant increases following Powell’s remarks, with the Nasdaq rising 2.69%, the S&P adding 2% and the Dow gaining 1.34% at GMT1930.

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