The Federal Reserve sees inflation slowing down and believes its policies are working, Chairman Jerome Powell said in a press conference following the latest FOMC meeting. "The disinflationary process has started," Powell said. "We're seeing it in both goods and services." Powell said the Fed is "trying to get inflation back to our 2% target as soon as possible." He acknowledged that inflation is still too high, but he said the Fed is "making progress." The Fed raised interest rates by a quarter-point at the meeting, and Powell said the Fed will continue to raise rates until it sees inflation come down to its target. Powell also said the Fed is "close to hitting our target" for the federal funds rate, which is now in a range of 4.5% to 4.75%. The Fed's policy actions are having a "significant" impact on the economy, Powell said. He said economic growth is slowing, but he does not expect a recession. Powell said the Fed is "committed to price stability" and will do what it takes to bring inflation down.