The Federal Reserve is prepared to keep its key interest rate unchanged for now as inflation remains elevated and the job market is solid, Chair Jerome Powell said Tuesday on the first of a two-day appearance before Congress.

Federal Reserve Chair Jerome Powell begins two days of hearings on Capitol Hill on Tuesday with the economy around full employment, inflation expected to ease, and intense uncertainty about how all that will hold up under Trump administration trade and other policies that are still unfolding.

Higher inflation readings left Fed officials telling lawmakers, business executives and the public that they may be waiting longer than they had thought for relief from high interest rates.

Federal Reserve Chair Jerome Powell said the latest consumer price data show that while the central bank has made substantial progress toward taming inflation, there is still more work to do.

Powell said officials need to see more progress on slowing inflation before considering further rate cuts but declined to give a specific level. “We're looking at the labor market and inflation,” Powell said in response to a question from Rep.