FILE – Federal Reserve Chair Jerome Powell speaks during a news conference Wednesday, Dec. 14, 2022, at the Federal Reserve Board Building, in Washington, as an aides hand reflects under the podium. On Wednesday, the Federal Reserve closes its two-day meeting where economists expect the central bank to raise its benchmark rate by a quarter of a point as its battle against four-decade high inflation extends into 2023.(AP Photo/Jacquelyn Martin, File)

WASHINGTON (AP) — Inflation is cooling, and parts of the economy appear to be weakening. But Chair Jerome Powell is likely Wednesday to underscore that the Federal Reserve’s primary focus remains the need to fight surging prices with still-higher interest rates. With markets anticipating that the Fed will stop raising rates soon and possibly even cut them later this year, analysts say Powell will need to push back against such optimism. Powell’s tough message will likely emerge at a news conference after the Fed’s policy committee announces its latest action. The policymakers are set to raise their benchmark rate by a quarter-point to its highest level in about 15 years.