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 will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said Tuesday, a stance directly at odds with President Donald Trump’s calls for immediate cuts.

The Fed chair will tell lawmakers that the central bank can wait to see how President Trump’s tariffs affect the economy before lowering borrowing costs.