In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.

Federal Reserve Chair Jerome Powell said, "with our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance.

Federal Reserve Chair Jerome Powell sat before the Senate Banking Committee on Tuesday morning to testify on the agency’s monetary policy. The hearing came as interest rates were held steady late last month following a surge of price increases.