by John Carney
Breitbart.com
Federal Reserve Chair Jerome Powell told Congress on Tuesday that the central bank is not ready to resume cutting interest rates, citing lingering uncertainty over how new tariffs will affect consumer prices. Powell said the strength of the economy gives the Fed room to wait for more data before adjusting its policy stance.
“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments,” Powell said in testimony before the House Financial Services Committee.
The remarks come as inflation has declined from last year’s highs and job growth has slowed, leading some Fed officials to push for rate cuts as early as July. But Powell signaled that the central bank is in no hurry, pointing to the possibility that import duties imposed by President Trump in April could still filter through to prices in the months ahead.