Fed's Powell: 'Soft landing' chances have narrowed

There remains a chance that the U.S. economy can escape a recession as the Federal Reserve raises interest rates to lower inflation, but that window of opportunity for a "soft landing" has narrowed this year as price pressures have been slow to ease, Fed Chair Jerome Powell said on Wednesday.

"Has it narrowed? Yes," Powell said at a press conference after the Fed's latest rate hike. "Is it still possible? Yes."