Jerome Powell says economy has ‘clearly improved’ since December as he defends rate pause

The Federal Reserve pushed the pause button on its interest rate cuts Wednesday, leaving its key rate unchanged at about 3.6% after lowering it three times last year.

Chair Jerome Powell said at a news conference after the central bank announced its decision that the economy’s outlook “has clearly improved since the last meeting” in December, a development that he noted should boost hiring over time. The Fed also said in a statement that there were signs the job market is stabilizing.