In order to give officials time to assess the effects of recent bank failures, wait for a political solution to the debt ceiling standoff, and keep an eye on inflation.

The Federal Reserve has replaced it with more cautious statements, similar to those used when it stopped raising interest rates in 2006,

Powell said that it is premature to declare the rate-hike cycle to be finished as a result. “We are prepare to do more” with rate increases if necessary, Powell said

The Federal Reserve’s policy rate is currently about where it was 16 years ago, on the verge of a destabilising financial catastrophe.

A “soft landing” occurs when monetary tightening lowers inflation and the economy without causing a recession.

US markets opened higher but subsequently gave up their gains, closing the day down overall. In parallel with the dollar’s decline against a baskets of trading part.