Odaily News Federal Reserve Chairman Jerome Powell had a simple message for Congress on Tuesday as he began two days of testimony before Congress: Because the economy is performing well, the Fed can take its time deciding when and whether to cut interest rates. "Given that our policy stance is less restrictive now than it was and the economy remains strong, we do not need to rush to adjust our policy stance," Powell will tell lawmakers before the Senate Banking Committee, according to prepared remarks. Powell also defended last year's rate cuts, calling them necessary adjustments to its policy stance in response to improving inflation and cooling labor market conditions. Looking ahead, he said the Fed may keep interest rates unchanged for longer if inflation does not continue to fall to its target and the economy remains stable. Powell said the Fed could cut rates if the labor market softens unexpectedly or if inflation falls to its 2% target faster than expected. (Jinshi)