Federal Reserve Chair Jerome Powell is standing by his wait-and-see message on interest rates despite Trump's pressure and Israel-Iran ceasefire deal.

Federal Reserve Chair Jerome Powell intends to tell House lawmakers today that the central bank is "well positioned to wait" on any interest rate adjustments until it has more clarity on how President Trump’s tariffs will affect inflation and the direction of the US economy.

The Fed chair is set to testify Tuesday before the House Financial Services Committee. The hearings follow an emerging rift within the Fed on rate cuts and sharp criticism from Trump.