Powell delivered an unusually short speech on Friday as part of his annual address in Jackson Hole, Wyoming. In his remarks, Powell got right to the point and said that the central bank would continue to raise interest rates “forcefully” in order to return price stability to the economy.

“Reducing inflation is likely to require a sustained period of below-trend growth,” Powell said. “Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.”

The United States has now had two quarters of negative gross domestic product growth — a pattern that is typically associated with a recession. The negative GDP growth is a sign that the economy has slowed down, something that the Fed’s aggressive rate hiking cycle has contributed to.