Federal Reserve Chair Jerome Powell signaled that the central bank is in no hurry to lower interest rates, saying inflation remains too uneven to justify an immediate move. His remarks suggested policymakers still see price pressures as a key concern even as parts of the economy show signs of cooling.

Powell’s comments come at a moment when investors are looking for clearer signals on the Fed’s next step. Recent data have pointed to a softer labor market, but inflation has not eased enough across the board to give officials confidence that cuts are warranted right away.

The Fed has spent the past year balancing two competing risks: slowing growth too much versus keeping rates elevated for too long. Powell’s latest message indicates the central bank remains focused on bringing inflation down in a sustained way before changing course.

Markets will now watch upcoming economic reports closely for evidence that price growth is slowing more convincingly. Until then, Powell’s remarks point to a cautious Fed that is not prepared to commit to near-term rate relief.