Federal Reserve Chair Jerome Powell on Friday delivered a hawkish message at the annual central bank gathering in Wyoming: Inflation remains too high, and more interest rate hikes may be required.

"Although inflation has moved down from its peak—a welcome development—it remains too high," Powell said. "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."

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