The Federal Reserve's next policy move is unlikely to be an interest rate increase, although the central bank is prepared to keep interest rates at current 23-year highs for as long as it takes to gain greater confidence inflation is heading sustainably back to 2%, Fed Chair Jerome Powell told reporters Wednesday.

"I think it's unlikely the next rate policy move will be a hike," Powell said.

"So far this year, the data have not given us that greater confidence. In particular, and as I noted earlier, readings on inflation have come in above expectations. It is likely that gaining such greater confidence will take longer than previously expected," Powell said. (MNI INTERVIEW: Fed Cuts Likely Delayed Till November-Lockhart)