 Federal Reserve Chair Jerome Powell says the U.S. has made a lot of progress in curbing inflation, but as NPR's Scott Horsley explains, Powell warns it could be late next year before price stability is achieved. Speaking in Portugal at a forum sponsored by the European Central Bank, Powell says he's encouraged to see price hikes cooling in recent months. He was reluctant to lay out a timetable, though, for when he and his colleagues might be ready to start lowering interest rates.