MNI BRIEF: Fed's Powell-Rates At Or Near Peak For Cycle

Federal Reserve officials think they're done raising interest rates but don't want to rule out additional hikes if inflation proves more stubborn than expected, Fed Chair Jerome Powell told reporters in a press conference Wednesday.

"While we believe that our policy rate is likely at or near its peak for this tightening cycle, the economy has surprised forecasters in many ways since the pandemic, and ongoing progress toward our 2% inflation objective is not assured," he said.

"The lower inflation readings over the past several months are welcome, but we will need to see further evidence to build confidence that inflation is moving down sustainably toward our goal," Powell said. (See MNI INTERVIEW: Five Fed Cuts In 2024 Are 'Plausible' -Wilcox)