Joroksss Our policy rate is likely at its peak

Federal Reserve Board Chairman Jerome Powell reiterated on Wednesday that policymakers still intend to cut rates before the end of this year, assuming economic growth continues.

“We believe that our policy rate is likely at its peak for this type of 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,” Powell said.

He also reiterated his confidence in the Fed’s target inflation rate of 2%.