Federal Reserve Chair Jerome Powell on Wednesday said the U.S. central bank is on a path to make more progress in lowering inflation back to its targeted rate of 2% but that progress was likely to come "in lumps" and be "bumpy."

Powell's remark came at his press conference following the Fed's latest interest rate policy meeting, at which officials opted to leave rates unchanged at 5.25%-5.50%. Inflation by the Fed's preferred measure has come in at 3.4% for three straight months after initially falling sharply from 7.1% in June 2022.