US inflation showed scant signs of downward momentum at the start of the year, while healthy job growth undergirded the economy, backing the Federal Reserve’s stance to hold the line on interest rates for now.

Fed Chair Jerome Powell, who offers his semiannual testimony to lawmakers on Tuesday and Wednesday, will likely highlight the resilient economy as a key reason central bankers are in no rush to further cut borrowing costs. With the economy in a good place, Fed officials also have time to assess the impacts of the new Trump administration’s policy changes on trade, immigration and taxes.

Bureau of Labor Statistics figures due on Wednesday, shortly before the second half of Powell’s two-day testimony marathon, are forecast to show the consumer price index excluding food and energy rose 0.3 percent in January for the fifth time in the last six months.

Compared with a year earlier, core CPI is forecast to have risen 3.1 percent. While marginally lower than the annual figure for December, that’s just a 0.2 percentage point decline from the middle of last year.