Federal Reserve Chair Powell: Policy may remain unchanged for a considerable period of time.

The Federal Reserve's Harker said that interest rates are only moderately restrictive, and officials may keep borrowing costs stable for a period of time. Harker said on Tuesday that while progress has been made recently, the Fed still has "a ways to go" before reaching its inflation target. She also said that official data is backward-looking and may not fully reflect the current situation, including recent oil price increases that may push up inflation expectations. Harker said, "Policy is likely to remain on hold for quite some time before the committee starts very gently cutting rates to return policy to neutral."