Federal Reserve Chair Jerome Powell said Wednesday that policymakers expect to cut interest rates sometime in 2024, but are not ready to do so until they are confident inflation is tamed.

"We believe that our policy rate is likely at its peak for this tightening cycle," Powell said in remarks prepared for testimony before the House Financial Services Committee. "If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year."

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