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.¡±
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