Jerome H. Powell testifies as inflation risks are resurfacing, regulatory changes are in flux and the Federal Reserve’s policy independence is in the spotlight.

With less restrictive monetary policy and a continued strong economy, the Federal Reserve will not rush to further reduce interest rates, Chair Jerome H. Powell told lawmakers Feb. 11. “We do not need to be in a hurry to adjust our policy stance,” Powell said in testimony before the Senate Banking Committee.

Powell called the economy “strong overall” with a “solid” labor market and inflation that is easing but still above the Fed’s 2% goal.

Good morning. Jerome Powell says the Fed can be patient before lowering rates again. Meta extends its rally to 17 days. And a bourbon barrel worth at least $212,500 is up for auction. Listen to the day’s top stories.