Federal Reserve's Jerome Powell says there's no need to rush on interest rate cuts

Federal Reserve chairman Jerome Powell testified before the Senate Banking Committee Tuesday. He said the central bank does not need to be in a hurry to make further cuts in interest rates.

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.

(Image credit: Chip Somodevilla)