Federal Reserve Chair Kevin Wosch warned that inflation has not truly slowed, saying policymakers must be confident that inflation is easing; otherwise, the central bank still has “work to do.”

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As of Friday morning, federal funds futures show expectations of a rate hike in September at about 36%, down from more than 70% at the end of July.

Wosch delivered his first remarks since taking office as central bank governor in May. In his speech, he reiterated that policymakers will bring the inflation rate back to the 2% target, saying this is a steadfast and fixed goal.

My standard is: We must be certain that underlying inflation is moving steadily toward our goal at a sufficient pace. Otherwise, we still have a lot of work to do. That is our duty
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