WASHINGTON (AP) — Chair Jerome Powell reiterated Thursday that the Federal Reserve will likely raise interest rates at least once more this year because of persistently high inflation in the economy's service sector and the surprisingly tight job market. Speaking to a Senate committee, Powell noted that “inflation has moderated somewhat since the middle of last year." Still, the Fed chair stressed, “inflation pressures continue to run high.” Powell was testifying to the Senate Banking Committee on the second day of semi-annual testimony to Congress.