© Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, U.S., February 1, 2023. REUTERS/Andrew Kelly
By Michael S. Derby
(Reuters) – Federal Reserve Chair Jerome Powell pushed back on Wednesday on rising hopes that the U.S. central bank may be able to undue some of its interest rate rises this year.
The current outlook holds for slower growth, modest gains in unemployment and a slow decline in inflation, Powell said in his press conference following the Fed’s policy decision. “If the economy performs broadly in line with those expectations, it will not be appropriate to cut rates this year.”