Jerome Powell, Chairman of the United States (US) Federal Reserve (Fed), repeated that they do not need to be in a hurry to adjust the monetary policy in his prepared remarks for delivery on the first day of his testimony on the semi-annual Monetary Policy Report before the Senate Banking Committee.

"Policy is well-positioned to deal with risks, uncertainties."

"We can maintain policy restraint for longer if economy remains strong and inflation does not move toward 2%."

"We can ease policy if labor market unexpectedly weakens or inflation falls more quickly than expected."

"The US is economy strong overall; inflation is closer to 2% goal but still somewhat elevated."

"Fed's framework review will not include a focus on inflation target, which will remain 2%."

"Fed will wrap up framework review by late summer."

Source: FXStreet