Powell called the economy "strong overall" with a "solid" labor market and inflation that is easing but still above the Fed's 2% goal.

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.

Powell warned that quicker rate cuts could potentially reignite inflation, while a prolonged pause could destabilize the economy.