Federal Reserve Chair Jerome Powell said at the Jackson Hole Economic Symposium in Wyoming on Friday that inflation remains too high. He added that the central bank is prepared to raise interest rates further in the coming months.

The big picture: Mortgage rates are already at a two-decade high and so far this year has had a record number of media layoffs. Why does this strong economy feel so weak in some areas?

• Plus, a racially motivated shooting in Jacksonville leaves three dead.
• Tropical Storm Idalia eyes Florida.

Guests: Axios' Neil Irwin and Ina Fried.

Credits: Axios Today was produced by Niala Boodhoo, Alexandra Botti, Fonda Mwangi, Robin Linn and Alex Sugiura. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can send questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.