Federal Reserve Chair Jerome Powell has warned that efforts to control inflation will bring “pain” to many households. Powell spoke in Jackson Hole, Wyoming, on Friday.

Jerome Powell: “Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”

Progressives, including Senator Elizabeth Warren and former Labor Secretary Robert Reich, have warned Powell’s moves will lead the United States into a recession. Reich said, “The pain is already being felt across the land. Most Americans aren’t getting inflation-adjusted wage increases, which means they’re becoming poorer.”