Federal Reserve officials cemented the end of their aggressive campaign to push up interest rates, and sought to reset expectations for how soon and how fast they’ll cut this year as inflation pressures fade.
While policymakers are shifting their focus to when to start easing policy amid a favorable pullback in inflation, it’s clear they’re in no rush to lower rates. Against a backdrop of a still-solid economy, Chair Jerome Powell said officials would move patiently and doused speculation that rate cuts would start at the next meeting.
"We’re not declaring victory at all,” Powell told reporters Wednesday following the Fed’s policy meeting, emphasizing the need to see "more” data confirming a sustained downward trend in inflation. "I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting.”