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Despite a promising inflation report, the Fed's work in taming surging prices is far from over.

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In an announcement, Fed officials acknowledged that inflation has “eased somewhat,” but cautioned it remains “elevated,” and that additional rate increases “will be appropriate” in order to further ease rising prices.

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Despite recent turmoil in the banking industry, the Federal Reserve on Wednesday announced that is has decided to continue raising interest rates. The Fed said it has decided to raise the target range for the federal funds rate by another 25 basis points to 4.75 to 5.0 percent.

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Employment in the U.S. increased by less than expected in the month of July, according to a closely watched report released by the Labor Department on Friday. The report said non-farm payroll employment climbed by 187,000 jobs in July after rising by a downwardly revised by 185,000 jobs in June.

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