The Fed chair reassured an audience at the University of Chicago the economy was in a “good place” despite “elevated uncertainty.”

Noting that "uncertainty around the changes and their likely effects remains high" Powell said the Fed is "focused on separating the signal from the noise as the outlook evolves. We do not need to be in a hurry, and are well positioned to wait for greater clarity."

Federal Reserve Chair Jerome Powell acknowledged increased uncertainty in the US economic outlook, but said officials don’t need to rush to adjust policy.