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Federal Reserve Chair Jerome Powell delivers his semiannual monetary policy testimony to congressional leaders, starting Tuesday with an appearance before the House Financial Services Committee.
In prepared remarks, Powell noted the “solid” condition of the U.S. economy but said concerns linger over the impact President Donald Trump‘s tariffs will have on inflation.
“Policy changes continue to evolve, and their effects on the economy remain uncertain,” he said. Powell added that he and his Federal Open Market Committee colleagues are “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”
Trump and other administration officials have chastised the Fed for not cutting rates. Referring to Powell, Trump called on congressional leaders to work “this very dumb, hardheaded person, over” in a Truth Social post early Tuesday.
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