Cuts to the Bureau of Labor Statistics could be clouding jobs and inflation data, complicating the Fed's data-driven rate policymaking.

U.S. Federal Reserve Chair Jerome Powell echoed recent sentiments to a congressional panel following the central bank's decision to maintain its key interest rate despite public pressure from the White House.

Higher tariffs could begin raising inflation this summer, a period that will be key to Federal Reserve consideration of possible rate cuts, Fed Chair Jerome Powell told members of Congress on Tuesday.