Federal Reserve Chairman Jerome Powell said it is going to be “very challenging” for the central bank to rein in inflation without triggering a recession.

Powell acknowledged during a Thursday International Monetary Fund panel that the Fed will likely have to act more aggressively than initially thought to depress the country’s soaring inflation. Consumer prices increased 8.5% in the 12 months ending in March, a faster rate of inflation at any time since December 1981.

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