Federal Reserve Chair Jerome Powell will tell the Senate banking committee the Fed isn't "in a hurry" to resume its interest rate cutting campaign.

Federal Reserve Chair Jerome Powell on Tuesday pledged to remove language in a Fed manual that tells reserve bank officials to watch for “controversial commentary or activities” by a financial institution’s leadership when considering an application for a payment system account.

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,