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Thursday, Federal Reserve Chairman Jerome Powell acknowledged cooling inflation but did not rule out more rate hikes at the end of this year.

In his much-anticipated speech to the Economic Club of New York, Powell acknowledged lower inflation readings over the summer as a favorable development. But he also said the Fed is still resolute in bringing inflation down to 2%. The Fed has raised rates 11 times since March of last year.

Powell remarked that the central bank likely needs the labor market to soften further to reach its mandate. But he added the committee is proceeding carefully for now.

That’s a strong hint that the Fed isn’t planning another hike in November. But the chairman didn’t commit to any policy plans, which leaves the door open for one in December.