By Howard Schneider WASHINGTON (Reuters) -Federal Reserve Chair Jerome Powell repeated on Wednesday that the central bank is in no rush to cut interest rates during a congressional hearing convened shortly after data showed U.

Federal Reserve Chair Jerome Powell said the central bank doesn’t need to rush to adjust interest rates, again signaling that officials will be patient before lowering borrowing costs further.

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.