Monetary policy makers have been asserting the view that more rate hikes are needed to bring down inflation, which led Goldman to raise its forecasts for interest rate increases.

The Fed Funds target is expected to be raised by 75 basis points in September and 50 basis points in November. In the past it projected increases of 50 and 25 basis points.

Goldman's chief economist Jan Hatzius said in a late Wednesday note that Fed officials seem to imply that progress toward taming inflation has not been as uniform as they would like.

The Wall Street Journal reported on Wednesday that the Fed appears to be on a path to raise interest rates 75 basis points this month.

According to Hatzius, the WSJ report indicates that a three-quarter-point percentage increase will take place at the Fed's meeting in September.

The Fed Funds rate is expected to range from 3% to 4% by the end of the year, according to Goldman. Four times the Fed has raised the interest rate. The Fed increased its key rate by 75 basis points.

The anti-inflation message was reiterated by Powell at the conference. Powell told CNBC that he and his colleagues are committed to the project and will keep working until the job is done.

Lael Brainard is a Fed vice chair. She said in a speech in New York that she was in this for as long as it took to get inflation down. The president of the Cleveland Fed spoke. She told Market News International that she wasn't sure that inflation was over.

Goldman said its own financial conditions index has tightened due to the shift in expectations for a rate hike.

In the second half of the century, this should be enough to keep growth on a below-potential path. Hatzius said that they could imagine the hiking cycle extending beyond this year because of how the drag from tighter financial conditions will net out.