The chairman of the United States Federal Reserve expressed optimism Wednesday about the state of the world's largest economy and said he did not anticipate any further interest rate cuts in the near future.

Although he cited risks such as a slowdown in global growth and the consequences of the ongoing US-China trade war, Jerome Powell said the central bank sees "sustained expansion of economic activity, a strong labor market and inflation" near the Fed's 2 percent objective as the most likely scenario going forward.