Federal Reserve Chairman: There is no strong support currently to cut interest rates

Federal Reserve Chairman, Jerome Powell, said that the central bank dropped the words "patience approach" from its statement, which means opening the door to moving the interest rates.

"The US economy is doing well in the midst of a strong job market," Powell said, expressing optimism about the inflation heading towards the target.

A number of central bank officials expressed concerns over the slowdown in business investment and the weakness of corporate confidence.

He noted that the central bank officials will continue to monitor the economic data issued in the coming period to determine the rate decision.

As for the frequent criticisms and talk of his removal from the Federal Reserve lung, Powell said all he knew was that the federal law had set him a four-year mandate.