To The Moon

Government-bond yields edged higher on Friday after Federal Reserve Chairman Jerome Powell said that signs of slowing inflation haven’t given the central bank the all-clear to ease its tough stance against rising prices.

New data Friday morning from the Fed’s preferred inflation measurement confirmed investors’ sense that price pressures are cooling. Still, Mr. Powell said that the central bank’s job isn’t yet done: Its progress “falls far short” of what the Fed “will need to see before we are confident that inflation is moving down,” he told colleagues at the Fed’s annual conference in Jackson Hole, Wyo.