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.

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 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,