The Fed chair told lawmakers that the central bank could afford to be patient amid uncertainty about how President Trump’s policies would affect the economy, even as divisions between officials emerged.

Rep. Mike Lawler, R-N.Y., asked if the Fed’s in a position to cut rates in July, to which Powell responded, “If it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates sooner rather than later, but I wouldn’t want to … point to a particular meeting.”

Powell informed Congress that the Fed will maintain its unchanged key fed funds rate until it gains a better understanding of President Trump's tariff policy's impact on consumer prices.