Fed's Powell Reiterates Patience on Rates in Congressional Testimony

U.S. Federal Reserve Chairman Jerome Powell offered little change in stance from his recent remarks, reiterating that the economy is in a good spot, giving the central bank the room to be patient before considering easing monetary policy.

"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," said Powell in prepared remarks for his semiannual monetary policy report to Congress.

Today's testimony is of particular note given talks this week from Fed Governors Chris Waller and Michelle Bowman. Both said they would be supportive of a rate cut at the Fed's next meeting. To date, Powell has given no indication that he is considering such a move.

The break with Powell — by itself, not necessarily major news — comes as President Trump continues to make clear his displeasure with the Fed chairman's reluctance to ease monetary policy.

Rate cuts odds for July continue to be fairly slim at just 18.6%, according to CME FedWatch. Moving to September, the odds of one or more rate cuts jump to more than 80%.

The question and answer session with the House committee is underway and this story will be updated with breaking news from that event.