(Reuters) - Goldman Sachs pushed back its expectation of the U.S. Federal Reserve starting interest rate cuts to May from March, after Chair Jerome Powell's signaled delays in cuts.

The Wall Street brokerage, in a note dated Wednesday, maintained its forecast of five 25 basis points rate cuts this year and expects four consecutive cuts starting in May through September and a final cut in December.

The Fed kept its policy rate unchanged on Wednesday at 5.25%-5.50%.

Chair Jerome Powell declined to declare victory in the U.S. central bank's two-year inflation fight, vouch that it had achieved a sought-after "soft landing," or promise that rate cuts would come as soon as the Fed's March 19-20 meeting.