Jay Powell moved to cool speculation that the Federal Reserve would begin cutting interest rates as soon as March, saying that was not the “base case” as the central bank considers easing monetary policy this year.
Falling inflation in recent months had fuelled market bets that the Fed could begin cutting rates from their 23-year high at its next meeting this spring. But the Fed chair said the central bank still needed “greater confidence” that inflation was “sustainably” lower.
“I don’t think it’s likely that we’ll reach a level of confidence by the time of the March meeting . . . I don’t think that’s the base case,” Powell said, in comments that prompted traders to slash their bets on a cut this spring and sent stocks sharply lower.
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