Federal Reserve Chair Jerome Powell said on Wednesday that the central bank's rate path projections are just what people see as the most likely scenario and are not seen with "conviction" due to a period of "very high uncertainty."
"No one holds these rate paths with a great deal of conviction…You can make an argument for any of these rate paths that you see in the SEP [Summary of Economic Projections]," Powell stated following the release of the bank's projections.
Powell noted that Fed's policymakers are considering many different scenarios, including those where inflation goes up, as well as those where it doesn't.
