Federal Reserve Chair Jerome Powell said Tuesday the central bank doesn’t “need to be in a hurry” to resume its interest rate cutting campaign, noting officials reduced the rate significantly last year and the economy remains sturdy.

The hearing before the Senate Banking Committee was relatively quiet absent a few back-and-forths on the economic effects of Donald Trump’s tariffs.

The U.S. Federal Reserve is in no rush to cut its short-term interest rate again given an economy that is "strong overall," with low unemployment and inflation that remains above the Fed's 2% target,