Federal Reserve Chair Jerome Powell said interest rates are likely to remain high for an extended period as inflation continues to run above the central bank’s target. His remarks came after the latest Federal Open Market Committee meeting and reinforced expectations that policymakers are in no hurry to begin cutting borrowing costs.

Powell pointed to persistent price pressures as the main reason the Fed is keeping policy restrictive. While officials have made progress in slowing inflation from its peak, recent data have shown that it is still not easing quickly enough for the central bank to declare victory.

The message suggests households and businesses should prepare for a longer stretch of expensive credit, from mortgages to corporate loans. Higher rates can help cool demand and bring inflation down, but they also keep pressure on consumers already facing elevated living costs.

Markets are likely to parse Powell’s comments for clues about the timing of any future cuts. For now, the Fed appears focused on waiting for clearer evidence that inflation is moving sustainably toward its goal before changing course.