Federal Reserve Chair Jerome Powell said he thinks rate cuts are unlikely at the central bank's next meeting in March, Bloomberg reported Jan. 31.
The Federal Reserve kept rates unchanged at 5.25% to 5.5% its fourth consecutive meeting Jan. 31, which was expected, according to the report.
Mr. Powell said that while inflation has noticeably eased over the past year, it remains above the Fed's goal of 2%, according to ABC News.
"We believe that our policy rate is likely at its peak for this tightening cycle and that if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year," Mr. Powell said, according to ABC News.