In an interview at the Economic Club of Washington, Powell echoed other Fed officials' comments and said inflation was low, and under control, and that the central bank could afford to be patient and flexible with its monetary policy going forward.
He said an "extended" shutdown would show up in economic data "pretty quickly" and, since it shutters some agencies that provide economic data, it would also make the picture of the economy less clear for the Fed.
However, Fed had lowered the growth forecast of the USA economy to 2.3 percent during the latest rate hike in December.
At the close, Wall Street finished up for the day but it does not take much for investors to run for the exits, with markets already on edge amid concerns the global economy is slowing just as interest rates are rising and uncertainty about the US-China trade war. The Fed's communications - and a Bloomberg News report that President Donald Trump had discussed firing Powell - helping bring on the worst December for stocks since the Great Depression.
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Since the meeting, Fed officials have indicated they're less inclined to keep raising than their statement and projections for hikes in 2019 had suggested.
Speaking to an audience in Washington, D.C, Powell delivered the same reassuring message that bolstered markets last Friday.
At the same time, Powell acknowledged that financial markets are expressing concern about risks.
The monthly reductions, effectively running on autopilot, have been criticized by some as a steady tightening of financial conditions the Fed should reconsider.
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Trump is growing more frustrated as the shutdown drags on and is complaining that his aides are not offering him an exit strategy. Trump told reporters, adding later, "If we don't make a deal, I would say 100 percent but I don't want to say 100 percent".
December figures for the Fed's preferred gauge of inflation - a separate measure related to consumption - are scheduled for release on January 31, though the report could be delayed because of the partial government shutdown.
"I'm not aware of any Fed chair turning down an invitation from the White House, nor do I think that would be appropriate", Powell said.
The us Central Bank, the Federal Reserve has pressed the pause button.
A key measure of US inflation was little changed in December while falling energy prices dragged down the broader gauge, giving the Federal Reserve little urgency to raise interest rates soon as it signals a more cautious approach in 2019. Those forecasts appear supported by a robust December labor-market report, which showed the economy added 312,000 non-farm jobs, the most in 10 months.
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He agreed with the prevailing view of the United States economy slowing to around 2.25-2.5 per cent this year, with unemployment holding around the current 3.9 per cent.