Federal Reserve Chair Jerome Powell repeated on Wednesday that the central bank is in no rush to cut interest rates during a congressional hearing convened shortly after data showed U.S. consumer prices rose faster than expected in January in a sign progress on inflation may remain stalled.

The dollar was trading steady as investors weigh remarks from Federal Reserve Chair Jerome Powell and look ahead to U.S. inflation data due at 8:30 a.m. Eastern time. In a testimony before the Senate Banking Committee Tuesday,

Federal Reserve Chair Jerome Powell said Wednesday that President Donald Trump's calls for lower interest rates won't lead the central bank to change its rate decisions. “People can be confident that we’ll continue to keep our heads down,

President Trump said that interest rates should come down earlier Wednesday. Officials have said they are in no rush to cut rates as long as inflation is stubbornly high and the economic backdrop rema

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.