The Fed may have pumped so much money into the economy that it's now taking way longer to cut rates

• US Fed chair Jerome Powell has signaled a delay in expected interest rate cuts.
• He said the Fed needs more time to be confident that its fight against inflation is working.
• An analyst suggests excess money, a result of pandemic-era policies, may be drained from the economy this year.

US Federal Reserve chair Jerome Powell damped expectations of impending interest rate cuts on Tuesday — a sign that the Fed may have pumped so much money into the economy during the pandemic that the surplus is still making its way through the country.