Federal Reserve Chair Jerome Powell says interest rates on hold amid rise in economic uncertainty

Federal Reserve Chair Jerome Powell said Friday that the central bank can remain patient in adjusting its benchmark interest rate, citing uncertainty around potential impact of President Trump's economic policies. 

Powell said the Trump administration is making policy changes in several areas, including trade, taxes, government spending, immigration and regulation, and added that the "net effect" of those changes are what will matter for the economy and the Fed's interest rate policies.

"While there have been recent developments in some of these areas, especially trade policy, uncertainty around the changes and their likely effects remains high," Powell said at a conference in New York. "As we parse the incoming information, we are 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."