Federal Reserve Chairman Jerome Powell acknowledged recent signs of cooling inflation

but said Thursday that the slowing in price increases was not enough yet to determine a trend

and that the central bank would be "resolute" in its commitment to its 2% mandate.

"Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,"

Powell said in prepared remarks for his speech at the Economic Club of New York.

"We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters."

"While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent," Powell added.

The speech comes with questions over where the Fed heads from here after a succession of interest rate hikes aimed at cooling inflation.

Powell said he doesn't think rates are too high now. Stocks briefly turned lower as Powell spoke and the 10-year Treasury yield neared 5%.