The Federal Reserve's decision to hold interest rates came as no surprise. However, it was Fed Chair Jerome Powell's statement after the Fed's monthly meeting on Wednesday that turned heads.
With analysts confident of a fourth straight month of no rate hikes, some were caught off guard by Powell's comments about future rate cuts. Widespread speculation was that the first rate cut could come in March.
"I would tell you that I don't think it's likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that," Powell said. "But that's to be seen."
