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

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,

Jerome H. Powell testifies as inflation risks are resurfacing, regulatory changes are in flux and the Federal Reserve’s policy independence is in the spotlight.