Jerome Powell delivered a speech this morningin Jackson Hole, Wyoming for the Fed’s economic summit stating the Federal Reserve will raise interest rates and hold them at higher levels until inflation is under control. Powell warned the process could “also bring some pain to households and businesses.” At the same conference last year Powell brushed off surging inflation reports as transitory and is criticized by many for not raising rates soon enough.

Bonus: Why is the Federal Reserve meeting in Jackson Hole, Wyoming? Fly fishing. The Kansas City Fed wanted Paul Volcker to be their speaker in 1982. Volker was an avid fly fisherman so they enticed him by locating the conference in a fly fishing hotspot. The conference has been there ever since.