'No decision' yet on pace of rate hikes -Fed's Powell

STORY: "If - and I stress that no decision has been made on this - but if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell told the U.S. House of Representatives Financial Services Committee in testimony that added a cautionary clause to the otherwise identical message he delivered to a Senate committee on Tuesday.

"We have not made any decision," Powell said, but will be looking closely at upcoming jobs data on Friday and inflation data next week in deciding whether rate hikes need to shift back into a higher gear.

As happened in the session on Tuesday, lawmakers pressed Powell about the impact Fed policy was having on the economy and whether officials were risking recession in the drive to temper price increases.

Asked by Congresswoman Ayanna Pressley if he would pause interest rate hikes to avoid a recession, Powell responded "I don't do 'yes or no' on 'will I pause interest rate hikes?' That's a serious question. I can't tell you because I don't know all the facts."