Federal Reserve Chair Jerome Powell said policymakers have not settled on when, or whether, to begin cutting interest rates, signaling that the central bank will keep watching economic data before making a move.

Powell’s remarks reinforce the Fed’s cautious stance as officials weigh inflation, labor market trends and broader economic conditions. The message suggests there is no preset timeline for easing monetary policy, despite market speculation about the timing of a potential cut.

The central bank has spent recent months balancing the risk of keeping borrowing costs high for too long against the possibility of loosening policy before inflation is fully under control. Powell’s comments indicate that decision-makers are still focused on the latest indicators rather than committing to a fixed path.

For households and businesses, the Fed’s position means interest rates will remain tied to incoming data in the weeks ahead, leaving mortgage, credit and business borrowing costs dependent on how the economy performs.