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In a two-hour testimony by the Senate Finance Committee, Powell elaborated on the "contradictory signals" that the Fed has tried to interpret in recent weeks, including disappointing retail sales and other economic data, in sharp contrast to stable employment, wage growth and persistent low unemployment.
"The baseline outlook is good," Powell said, but the slowdown in overseas economic growth is dragging down the U.S. economy, which "we may feel more about" in the coming months.
"We have the necessary conditions for a good future. Our Commission is indeed monitoring the opposite trends and risks. For the moment, we will be patient with our policies and allow time to clarify everything."
If anything, Powell's comments reinforced the Fed's policy shift last month. At that time, the Federal Reserve said it would suspend a three-year interest rate hike cycle until inflation or economic growth momentum changed. The Fed's interest rate hike cycle was expected to last until 2020.

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