"It is a forecast of slower growth, some softening in labor market conditions and inflation moving down steadily, but not quickly," he said. "If the economy performs broadly in line with those expectations, it will not be appropriate to cut rates this year, to loosen policy this year."

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Federal Reserve Chair Jerome Powell told reporters Wednesday he does not expect interest rate cuts will be needed in 2023.

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MNI BRIEF: Powell Says Not Appropriate To Cut Rates This Year