At a press conference after the interest rate resolution, Federal Reserve Chairman Colin Powell said that the Fed is far from meeting the conditions for raising interest rates.
Powell said that many members of the Federal Open Market Committee believe that substantial further progress has been made in employment, and his view is "almost achieved." He also said that if inflation remains high in 2022, the Fed may be in a position to raise interest rates.
The Fed kept its benchmark interest rate near zero on Wednesday local time, but said it might raise rates earlier than expected and sharply cut its forecast for US economic growth this year. The Fed statement said it may soon slow the pace of bond purchases.