Speaking at an event at Dallas in Texas, Powell highlighted that ongoing economic growth, a solid labour market, and inflation that has eased substantially from its peak and is on a sustainable path to achieve a target of 2 per cent mean that the Federal Reserve does not need to rush to lower interest rates.

Follow news from today's Fed meeting where the FOMC is expected to cut interest rates and chair Jerome Powell will speak.

U.S. stock index futures fell on Friday after Federal Reserve Chair Jerome Powell said there was no need to reduce interest rates in a hurry, pushing up bond yields and pressuring rate-sensitive equities.

The Fed chair made the remarks, his first public words since the FOMC’s November meeting, at an event with the Dallas Regional Chamber.