Fed Chair Jerome Powell reiterated the central bank's commitment to bringing inflation down and signaled that policymakers aren't in a rush to get interest rates lower. Powell's comments came in the first of two appearances this week on Capitol Hill.

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.

Central bank policymakers are widely expected to stand pat on interest rates. Investors await further details from Fed Chair Jerome Powell’s press conference.