U.S. Federal Reserve Chairman Jerome Powell expressed openness to two straight hikes in the key interest rates at coming policy meetings to curb persistent inflation.

Powell on Wednesday signaled multiple interest rate increases ahead during a forum sponsored by the European Central Bank in Sintra, Portugal, as he expressed surprise that inflationary pressures remain.

He said that although the monetary policy is restrictive, it may not have been tight enough or in place long enough.

The Fed chair’s comments reaffirm his remarks after the June meeting of the central bank’s policymakers, during which he indicated the likelihood of two more hikes through the end of 2023.

Asked whether the Fed would proceed to raise rates every other meeting, Powell responded ambiguously, saying that rake hikes at two consecutive meetings are not “off the table.”