New Delhi, Jan. 30 -- As Jerome Powell's term winds down as chair of the Federal Reserve, America's central banker believes he is leaving the economy on "a firm footing." That suggests a lengthy pause in interest-rate cuts.

As Powell explained at a press conference Wednesday, which followed the Jan. 27-28 Federal Open Market Committee meeting, monetary policy is now close to neutral, risks look more balanced, and there is little urgency to lower interest rates.

Indeed, the FOMC held its benchmark rate steady at 3.5% to 3.75% in a 10-2 vote at the latest meeting, after lowering rates by three-quarters of a percentage point in last year's second half. Fed Governors Christopher Waller and Stephen Miran dissented this week in favor of anoth...