WASHINGTON — The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said Tuesday, a stance directly at odds with President Donald Trump’s calls for immediate cuts.

“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in testimony Tuesday before the House Financial Services Committee.

Several Republicans on the committee pushed Powell to consider reducing borrowing costs more quickly, as soon as its next meeting at the end of July. But on the whole, the hearing was uniformly polite and Powell did not face sharp criticism over the Fed’s decision to leave its rate unchanged.

Members of both parties thanked Powell for maintaining his focus on the Fed’s dual mission of controlling inflation and supporting maximum employment. Powell has often cited his support in Congress as a bulwark against Trump’s attacks.

Trump lashed out again early Tuesday, posting on his social media site: “I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.”

Several Republicans asked Powell why the central bank has yet to lower borrowing costs. Powell responded that most economists, inside and outside the Fed, still expect tariffs to push inflation higher, and Fed policymakers want to see what happens over the next couple of months before making any changes.

“We do expect tariff inflation to show up more,” Powell said. “We really don’t know how much of that’s going to be passed through the consumer. We have to wait and see.”