Fed Chair Powell: Rate Cut in March "Not Likely" Based on Today's Meeting

Fed Chair Jerome Powell said at a news conference that a rate cut in March is "not likely" based on today's meeting. Powell said rate cuts would likely begin at some point this year but March may be too soon. Powell wants more confidence in the inflation path before cutting rates to avoid past mistakes. The next two Fed meetings are in March and May, with inflation and jobs reports before each. Powell declined to commit to a series of cuts, saying the response will depend on data. Stocks fell to session lows as traders hoped for a signal of an earlier rate cut.