Investing.com - The Federal Open Market Committee kept interest rates on hold Wednesday, but indicated that it wasn't feeling as patient as it was before with regard to monetary policy, opening the door for rate cuts this year.
"Uncertainties" about the solid view of the U.S. economy have increased, the FOMC said as it kept its key federal funds rate at 2.25% to 2.5%.
Powell conceded there were some significant changes to the Fed's policy statement on Wednesday, but suggested that the central bank was in no rush to cut rates.
"I don't think the risk of waiting too long (to cut rates) is prominent right now," Powell said.
The central bank ditched "patient" from its policy language and said it would "act as appropriate to sustain the expansion."
Powell's comments are unlikely to appease some of his most vocal critics, not least of all President Donald Trump.
"(Powell's) my pick -- and I disagree with him entirely,” Trump said last week in an interview with ABC News. "Frankly, if we had a different person in the Federal Reserve that wouldn’t have raised interest rates so much we would have been at least a point and a half higher."
Against mounting criticism, however, Powell insisted he "fully" intends to serve out his full four-year term.
“I think the law is clear that I have a 4-year term, and I fully intend to serve it” Powell said, when asked what he would do if Trump tweets he wants to demote him as Fed chairman.