The Fed chair is expected to deliver a simple message to lawmakers: Because the economy is doing well, the Fed can take its time to decide when and whether to lower interest rates.

Gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell's hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.

Federal Reserve Chairman Jerome Powell will answer questions from members of the Senate Banking Committee starting at 10 a.m. Eastern. Economists hope the lawmakers will press Powell on what he means when he said there is "no hurry" to cut the benchmark interest rate any further.