Federal Reserve Chair Jerome Powell indicated on Thursday that the central bank might not cut interest rates again in 2025.

Asia-Pacific markets are set for a higher open as investors await the Federal Reserve's interest rate decision later in in the day.

The central bank is widely expected to approve another quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.

The Fed will stop shrinking its $7 trillion balance sheet in December, but Powell stressed it’s a pause in quantitative tightening, rather than a new phase of easing.

Federal Reserve Chair Jerome Powell indicated on Thursday that the central bank might not cut interest rates again in 2025.

Before Wednesday, economists and markets were betting on a December rate cut. After Fed Chair Jerome Powell’s comments, they aren’t so sure.

Asia-Pacific markets were set for a mixed open as investors weigh the state of the economy after a truce between Donald Trump and Xi Jinping.