DALLAS, Texas — Ongoing economic growth, a solid job market and inflation that remains above its 2-percent target mean the Federal Reserve (Fed) does not need to rush to lower interest rates, Fed Chairman Jerome Powell said on Thursday in remarks that may point to borrowing costs remaining higher for longer for households and businesses alike.

Powell affirmed that he and his fellow policymakers still considered inflation to be 'on a sustainable path to 2 percent' that will allow the US central bank to move monetary policy 'over time to a more neutral setting' that isn't meant to slow the economy.