Mubasher: The Chairman of the United States Federal Reserve Jerome Powell said on Wednesday that interest rates are currently just below the neutral level.

This signals a switch to end the current monetary policy tightening cycle.

“We know that things often turn out to be quite different from even the most careful forecasts,” Powell said in a speech he delivered at the Economic Club of New York.

"Our gradual pace of raising interest rates has been an exercise in balancing risks,” he added.

Wall Street surged on the back of these comments, with less interest hikes expected next year.