 Just a few seconds, you can get a second-degree burn from that, and in a few minutes, you can get a third-degree burn. Federal Reserve Chief Jerome Powell tells Congress there has been considerable progress toward the goal of beating inflation. Incoming data for the first quarter of this year did not support such greater confidence. The most recent inflation readings, however, have shown some modest further progress, and more good data would strengthen our confidence that inflation is moving sustainably toward 2%.