"The process of getting inflation back down to 2% has a long way to go," Fed Chair Jay Powell said in a press conference Wednesday, as quoted on Yahoo. Powell added that bringing down inflation "is likely to require a period of below-trend growth and some softening of labor market conditions." With the U.S. economy witnessing upbeat economic data points and the second-quarter earnings season unfolding in a decent manner, Goldman Sachs and Bank of America lowered its recession forecast.