The Fed is 'very carefully monitoring' coronavirus situation -Powell

Powell noted that stabilizing global economic growth and diminishing uncertainties around trade policy were both key factors in the Fed's decisions to cut rates three times last year.

But, he added, "uncertainties about the outlook remain, including those posed by the new coronavirus."

The outbreak of the new flu-like virus in China has led to fears of a further slowdown in the world's second-largest economy.