Fed Chair Powell Says Policy Rate Likely at Peak

"We believe that our policy rate is likely at its peak for this tightening cycle and that if the economy evolves broadly as expected it will likely be appropriate to begin dialing back policy restraint at some point this year," Federal Reserve Chair Jerome Powell said Wednesday after the FOMC held interest rates steady for the fourth straight meeting. "We are prepared to maintain the current target range for the federal funds rate for longer if appropriate," he said while speaking to reporters in Washington.