Powell backs more rate hikes as economy growing 'considerably stronger'

"Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate," Powell said.

"The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them," he added.

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However, the "upbeat tone" from the testimony likely means the trade issues won't keep the Fed from hiking rates, said Andrew Hunter, U.S. economist at Capital Economics.