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Wall Street.

Fed Chair Jerome Powell dials back expectations on rate cuts.

Right now, given the strength of the labor market and progress on inflation so far,

it's appropriate to allow restrictive policy further time to work and let the

data and the evolving outlook guide us.

And the International Monetary Fund revises its economic outlook for the global economy.

Plus, the Supreme Court hears arguments in a case that could impact

hundreds of January 6th prosecutions.

It's Tuesday, April 16th.

I'm Anne Marie Fertoli for the Wall Street Journal. This is the PM edition of

What's News, the top headlines and business stories that moved the world today. Federal Reserve Chairman Jerome Powell says inflation and hiring have been

firmer than expected.

Introducing new uncertainty over whether the

Central Bank will be able to lower interest rates this year. He spoke during a

moderated question and answer session in Washington earlier today.

The recent data have clearly not given us greater confidence and

instead indicate that it's likely to take longer than expected to achieve that confidence.

That said, we think policy is well positioned to handle the risks that we face.

If higher inflation does persist, we can maintain the current level of restriction for as long as needed.

...