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Federal Reserve Chairman Jerome Powell testifies in front of the House Financial Services Committee on Wednesday.

In prepared remarks to the committee, Powell testified that "crosscurrents" from weaker economic activity across the globe and lingering trade fears are dampening the U.S. economic outlook. He also said inflation continues to run below the Fed's 2% target, adding: "There is a risk that weak inflation will be even more persistent than we currently anticipate."

Powell reiterated the Fed would "act as appropriate" to keep the current economic expansion going.

The prepared remarks added to expectations the Fed would cut rates at its meeting later this month. The Dow and S&P 500 rallied and Treasury yields declined in reaction to the released comments.

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