For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell told the House Financial Services Committee.

The Federal Reserve is not cutting interest rates yet because there is a possible inflation spike on the horizon. Until the central bank can see exactly how it will play out, interest rates will remain where they are,

The Fed chair told lawmakers that the central bank could afford to be patient amid uncertainty about how President Trump’s policies would affect the economy, even as divisions between officials emerged.