Fed's Powell says U.S. in no rush to cut interest rates on strong economy

U.S. Federal Reserve Chairman Jerome Powell has stated that the central bank is not rushing to lower interest rates, describing the economy as "strong."

Powell told lawmakers on Monday, that the U.S. economy is strong overall and has made significant progress over the past two years, particularly in labor market conditions.

He added that while inflation has moved closer to the Fed's 2-percent target, it remains somewhat elevated.

He cautioned against reducing policy restraints too quickly, as doing so could increase demand and push prices higher, reversing progress on inflation.

Subtly referencing the Trump administration's latest import taxes, Powell said the Fed's policy is "well positioned to deal with the risks and uncertainties" facing the U.S.