The Federal Reserve needs more time before cutting interest rates, as hotter-than-expected inflation zaps any need for policymakers to take pressure off the economy.
That was the message from central bank chief Jerome H. Powell on Wednesday, after the Fed wrapped up its latest two-day policy meeting by leaving rates unchanged. That move had been widely expected — leaving much more anticipation around when officials will begin to lower borrowing costs from their highest levels in 23 years.