Washington DC, March 6 -- The Federal Reserve is in no rush to cut interest rates which means more pain for Americans, who have already faced almost two years of elevated borrowing costs on everything from car loans to mortgages.

Reducing policy restraint too soon or too much could result in a reversal of progress made in terms of inflation and it may ultimately require even tighter monetary policy decisions to get inflation back to 2 per cent target, US Federal Reserve Jerome Powell said, as he indicated the central bank is in no rush to cut interest rates.

The US Federal Reserve in its January meeting voted to leave the key interest rate unchanged at 5.25-5.50 per cent, keeping the policy rate unchanged for the fourth straight time on...