What does the speech of FED Chairman Jerome Powell mean? Will the Intrerest Rate continue to remain high?

How should we interpret the speech by Jerome Powell, Chairman of the Federal Reserve, in front of the Senators today?
According to Nick Timiraos, a reporter for The Wall Street Journal, officials are not in a hurry to lower the Federal Reserve's Interest Rate because they see signs of easing price pressures towards the central bank's 2% target in the latest inflation data.
Jerome Powell, chairman of the Federal Reserve, said in his speech to Congress today that the U.S. economy remains strong, which allows policymakers to take a cautious approach when deciding when to cut interest rates. The Fed cut rates by a full percentage point in the last three meetings of 2024, after experiencing historically high interest rates.
In his prepared remarks to the Senate Banking Committee, Powell said, 'Because our current policy stance is more supportive than in the past and the economy continues to remain strong, we do not need to adjust our policy stance hastily'.
Powell supported last year's rate cut, calling it an adjustment necessary to adapt to the enhanced inflation trend and slowing labor market conditions. He noted that if the labor market unexpectedly weakened, or if inflation reached the Fed's 2% target earlier than expected, new rate cuts would be considered.
Not investment advice
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