United States Federal Reserve Chair Jerome Powell reiterated on Tuesday in his opening speech while addressing the Senate Banking Committee that the country's central bank doesn't need to be "in a hurry" to adjust its monetary policy stance.

"In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will assess incoming data, the evolving outlook, and the balance of risks," he repeated, adding that the current policy is "well-positioned" to deal with risks and uncertainties.

Powell further remarked that should inflation not continue to move to the 2% target in a sustainable manner and the economy remains strong, the Fed could "maintain policy restraint for longer." Likewise, if the labor market weakens "unexpectedly" or inflation declines quicker than anticipated, "we can ease policy accordingly," he stated.