June 24 (UPI) -- U.S. Federal Reserve Chair Jerome Powell on Tuesday echoed recent economic sentiments to a congressional panel following the central bank's decision to maintain its key interest rate for the fourth straight meeting despite public pressure from the White House.
Powell, who will likewise sit before lawmakers Wednesday at a Senate Banking Committee hearing, reiterated to the House Financial Services Committee that the Fed will wait to asses the impact of Trump's sweeping tariffs on inflation before it seeks to lower interest rates and ignored mounting political pressure from U.S. President Donald Trump.
"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," the chair said in his testimony.
He added inflation remains over the Fed's 2% target and that the president's tariff policies are likely to drive up consumer prices and "weigh on economic activity," and noted that it's unclear if tariff effects will reflect a "one-time shift in the price level" or something "more persistent."
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