Fed Chair Powell vows to fight inflation 'until the job is done'.

The Fed is weighing whether a large rate increase will be necessary at the central bank's meeting next month, Powell said, adding that a reduction in the pace of rate increases will likely take hold "at some point."

"Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy," Powell said. "Without prices stability, the economy doesn't work for anyone."

Meanwhile, the Dow just dropped 800 pts.