Top Federal Reserve officials signaled they expect interest rate hikes to continue into 2023 – an indication that market optimism over a slight downtick of inflation in July could be overblown.

Chicago Fed President Charles Evans said inflation remains “unacceptably high” after federal data released Wednesday showed consumer prices jumped 8.5% last month compared to one year earlier. July inflation was down slightly from its peak of 9.1% in June.

“That’s a big number, so nobody can be happy about that,” Evans said at an event after the July data release, according to MarketWatch.

Evans said he sees the Fed funds rate rising to the 3.25% to 3.5% range by the end of this year and to 4% by the end of 2023. The benchmark is currently set in the 2.25%-2.5% range.

Minneapolis Fed President Neel Kashkari provided a similar outlook for the central bank’s plans and noted he wants the Fed’s benchmark interest rate to hit 3.9% by the end of this year. That plan indicates a series of sharp hikes at the Fed’s remaining meetings, the next of which is set for September.