Federal Reserve officials have not yet made a determination about the trajectory of any coming interest rate increases, Chair Jerome Powell said on Wednesday, adding it was not possible to predict "exactly" what the path of policy tightening will be.

Powell's comments at a press conference followed the release of the Fed's latest policy statement, which signaled the Fed is preparing soon to raise interest rates from near zero https://www.reuters.com/business/finance/inflation-fighting-fed-likely-flag-march-interest-rate-hike-2022-01-26, likely as early as its next meeting in March.

The Fed also signaled it was readying to reduce its nearly $9 trillion balance sheet after rate hikes begin.