U.S. markets closed lower for the seventh time in eight sessions after Fed Chairman made it clear inflation remains a problem.

In a speech on Thursday, the Fed chairman said inflation is still “too high”, dashing hopes for an imminent pause in rate hikes. The comments triggered a broad sell-off, with all three major indexes ending the day in the red.

The S&P 500 fell 1.4%, the Dow Jones Industrial Average dropped 1.1%, and the Nasdaq Composite slid 1.8%. The tech-heavy Nasdaq was hit hardest as growth stocks are more sensitive to rising rates.

Investors had been hoping for signs the Fed might slow its aggressive tightening campaign. But the chairman’s remarks suggested the central bank remains committed to bringing inflation down, even at the risk of a recession.

“Inflation is still too high, and we will do what it takes to bring it down,” he said. The Fed has raised rates by 3 percentage points this year, the fastest pace since the 1980s.

Markets now expect another 0.75-point hike at the next meeting in November. Bond yields rose, with the 10-year Treasury yield climbing to 3.9%.