Federal Reserve Chair Jerome Powell announced that the central bank plans to hold interest rates at their highest level in over two decades as it awaits further evidence of a slowdown in inflation. Powell emphasized that inflation has been higher than anticipated and that the Federal Reserve needs to be patient and allow the high interest rates to continue to work. Despite higher price pressures, Powell downplayed the potential for a rate hike, underscoring his belief that price increases would soon start to cool again. The Fed Chair reiterated that the central bank's current stance is to keep rates steady for an extended period, maintaining a wait-and-see approach on inflation and rates. Key CPI data is expected on Wednesday.