Jerome Powell says Fed could keep lifting interest rates sharply "for some time"

Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades.

Powell acknowledged that the Fed's continued tightening of credit will cause pain for many households and businesses as its higher rates further slow the economy and potentially lead to job losses.

"These are the unfortunate costs of reducing inflation," Powell said in the written version of a high-profile speech he is giving at the Fed's annual economic symposium in Jackson Hole. "But a failure to restore price stability would mean far greater pain.