The Fed chairman announced in a speech in Washington that the central bank is likely to slow down its pace of rate hikes in the coming months to analyze the impact of a sharp rate hike on the economy this year. However, Powell warned that US interest rates would peak much higher than previously expected, largely due to still stubbornly high inflation.
Powell's speech triggered a broad rally in metals markets as the prospect of slower rate hikes provided some short-term relief to markets hit by interest rate hikes this year.