Federal Reserve watchers planned to watch the Chair Jerome Powell talk at the Brookings Institution for signs of a rate hike slowdown. And they got at least that. But any hopes for lower rates are far on a back burner.

Start with the relatively welcome news of a rate increase slowdown in Powell's speech: "Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting."

However, Powell was as clear as a slamming hammer that rates would continue to go up. "My colleagues and I are acutely aware that high inflation is imposing significant hardship, straining budgets and shrinking what paychecks will buy," he said. "This is especially painful for those least able to meet the higher costs of essentials like food, housing, and transportation. Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all."