Fed’s Powell rules out rate cut in March

US Federal Reserve Chairman Jerome Powell strongly ruled out on Wednesday the idea that the central bank might cut interest rates in the spring, with many market participants expecting it to begin cutting them in March.

According to Reuters, Powell said, “I do not think it is likely that the committee will reach a level of confidence by the time of the March meeting” to reduce borrowing costs, “but that must be considered,” adding that the March reduction is not the main issue for policymakers at the US Central Bank.