Fed Chairman Jerome Powell on Wednesday, March 6, reiterated that he expects interest rates to start coming down this year, but is not ready yet to say when. In prepared remarks for congressionally mandated appearances on Capitol Hill Wednesday and Thursday, Powell said policymakers remain fairly concerned about the risks that inflation poses and don’t want to ease up too quickly.

“In considering any adjustments to the target range for the policy rate, we will carefully assess the incoming data, the evolving outlook, and the balance of risks,” he said. “The Committee does not expect that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”

During the question-and-answer session with House Financial Services Committee members, Powell said “[we need to] see a little bit more data” before moving on rates. Those remarks were taken verbatim from the Federal Open Market Committee’s statement following its most recent meeting, which concluded Jan. 31.