Federal Reserve Chair Jerome Powell said the US economy achieved some progress in bringing inflation towards the 2% target and increasing job opportunities.

Powell said the labor market has achieved a better balance with strong employment gains, while inflation fell from 7% to 2.7% but remains too high.

He asserted the Feds commitment to bring inflation to the 2% target to support a strong economy that brings benefits to everyone.

According to Fed Chair Powell, the latest inflation data didnt give policymakers enough confidence that theyre approaching their targets yet.