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Fed Chair Powell: cutting rates is not something to do soon

FILE PHOTO: Federal Reserve Chair Jerome Powell speaks in Washington

(Reuters) - Federal Reserve Chair Jerome Powell on Wednesday said the U.S. central bank should use a "risk management" approach to raising rates, going "slower and feeling our way a little bit" to the right level of restrictive policy, and not loosen policy too early.

"Cutting rates is not something we want to do soon," Powell said at the Brookings Institution in Washington. "That's why we're slowing down and ... to try to find our way to what that rate level is."

(Reporting by Ann Saphir, Lindsay Dunsmuir and Howard Schneider; Editing by Chris Reese)