Federal Reserve officials urge caution despite markets surging

(New York, NY)  --  Federal Reserve officials are hesitant as financial markets surge over the potential for the central bank to cut interest rates next year.

Fed Chair Jerome Powell said at a news conference that "we are likely at or near the peak rate for this cycle."

The Fed held rates steady for a third meeting in a row last week and suggested its aggressive rate hike campaign may be at a close.