In testimony before the Senate Banking Committee today, Federal Reserve Chair Jerome Powell stuck to last month’s message, saying policymakers “ do not need to be in a hurry ” to adjust interest rates further.

The U.S. Federal Reserve is in no rush to cut its short-term interest rate again given an economy that is "strong overall," with low unemployment and inflation that remains above the Fed's 2% target,

After three cuts at the end of last year, Federal Reserve officials paused rate moves as they weigh a solid economy and rising inflation risks. Jerome H. Powell, the Fed chair, said the central bank was not on a “pre-set course.