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.

With less restrictive monetary policy and a continued strong economy, the Federal Reserve will not rush to further reduce interest rates, Chair Jerome H. Powell told lawmakers Feb. 11. “We do not need to be in a hurry to adjust our policy stance,” Powell said in testimony before the Senate Banking Committee.

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Wednesday that President Donald Trump’s calls for lower interest rates won’t lead the central bank to change its rate decisions.

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.

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

Good morning. Jerome Powell says the Fed can be patient before lowering rates again. Meta extends its rally to 17 days. And a bourbon barrel worth at least $212,500 is up for auction. Listen to the day’s top stories.