Powell is in the "hot seat" today getting grilled by politicians on Capitol Hill. The Fed has kept rates unchanged, and considering the economic backdrop, that makes sense for the time being. Real GDP remains in a historic "sweet spot." Periods of moderate growth have coincided with sustained bull markets. The Fed is in a happy place right now, but they are also between a rock and a hard place. With housing and stock prices appreciated and hovering near all-time highs and supply low, the risk of creating a bubble via lowering rates is very real. And that is why Powell is waiting for more than just one month or even one quarter of material changes in the data before cutting.
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