US Federal Reserve Chair Jerome Powell has taken a cautious stance about expectations for a cut in interest rates. He spoke at an event in Georgia on Friday ahead of the next central bank meeting, which starts December 12.

Powell touted the "strong actions" that he and his colleagues have taken by imposing rate hikes to cool record-high inflation that at one point climbed over 9 percent.

Investors have been trying to guess when the rates might start coming down again. However, Powell said he and his colleagues are "carefully" moving forward. He added that it is premature to "conclude with confidence" that they have achieved a sufficiently restrictive stance, or to speculate on when they might ease their policy. He said they could still raise rates if it becomes "appropriate to do so."

The Fed wants to bring inflation down to 2 percent. Powell said that, excluding volatile commodities like food and energy, core inflation is now at 2.5 percent. Still, he added, they will keep their policy "restrictive."

Policymakers want to avoid another spike in inflation or even a recession. Powell said they will take things "meeting by meeting" by looking at fresh data and balancing the risks.