(Washington) Federal Reserve Chairman Jerome Powell on Wednesday ruled out lowering interest rates this year despite the possibility of a “mild” recession because inflation “is not going to come down quickly.”

As the Fed raised rates for the 10th time in a row to between 5% and 5.25%, Powell acknowledged that monetary policy was “restrictive” but that a recession “can be avoided. “.

“Under these conditions, if the forecast proves to be correct, it would not be appropriate to lower the rates. We’re not going to lower rates,” Powell said.