Federal Reserve Chair Jerome Powell said Wednesday while some things are out of the central bank's control there is a good chance the Fed's aggressive rate hikes will not send the economy into a downturn.

"I’ve always thought the soft landing was a plausible outlook," Powell said at a press conference after the rate setting Federal Open Market Committee decided to hold rates steady, meeting expectations. He said his outlook remains in place but cautioned other factors could affect the Fed's outlook.

In updated forecasts Fed officials penciled in better growth and a lower unemployment rate, suggesting confidence the economy will withstand their rate hikes without suffering too much.