Powell repeats pledge to remain 'patient' with rate hikes

Jerome Powell. (MGN/file)
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WASHINGTON (AP) Federal Reserve Chairman Jerome Powell says the central bank has the ability to be "patient" in determining when to hike interest rates.

Speaking to an audience in Washington, Powell delivered the same reassuring message of patience that bolstered markets last Friday.

Before those comments, investors had been sending stocks lower out of fears that the Fed would make a mistake and tighten credit too much, possibly sending the economy into a recession.

Powell also reiterated that the sharp attacks President Donald Trump has made criticizing the Fed's four rate hikes last year were not having any impact on Fed decisions.