Federal Reserve Bank of New York President John Williams said Tuesday the current level of short-term interest rates should help get inflation back to the central bank's 2% target, in comments that offered no guidance about the prospect for more rate cuts.

Federal Reserve Chairman Jerome Powell testified on Capitol Hill Tuesday for the first of two hearings this week. Powell told the panel that the Federal Reserve is in no hurry to adjust its monetary policy as it continues towards its goal of 2% annual price growth.

Powell warned that quicker rate cuts could potentially reignite inflation, while a prolonged pause could destabilize the economy.

The Federal Reserve's latest Monetary Policy Report describes the U.S. economy as being in a solid position amid a monetary policy stance that will be driven by incoming economic data. The report, released on Friday ahead of next week's testimony before Congress by Fed Chair Jerome Powell,

Federal Reserve Chair Jerome Powell is slated to visit Capitol Hill and deliver his first testimony before the US Senate Banking Committee since Donald Trump returned to the White House. The central bank chief will make opening remarks before answering lawmakers’ questions.