Fed chair says there’s no rush to cut interest rate

(CNN)– The Federal Reserve is in no rush to cut interest rates.

That’s according to Fed Chair Jerome Powell’s written testimony submitted to congressional lawmakers released on Wednesday.

The sentiment means more pain for Americans who have already faced almost two years of elevated borrowing costs on everything from car loans to mortgages.

Powell is on Capitol Hill this week to give a semi-annual report on the central bank’s actions since the summer.

His written remarks cheer inflation’s remarkable slowdown over the past year.