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.

Trump has publicly attacked Powell in recent months for not cutting interest rates, calling him "Mr. Too Late" and raising the specter of firing him The post Fed Chair Powell Says ‘We Would Have Continued Cutting’ Interest Rates If Trump’s Tariffs Didn’t Spark Inflation Fears first appeared on Mediaite.

Powell is facing two days of what could be tough grilling on Capitol Hill, as Trump has repeatedly urged the Fed to reduce borrowing costs.