WASHINGTON — Federal Reserve officials presented a rosy economic report card to Congress on Friday, playing down risks to growth from trade tensions and declaring that the financial system is “substantially more resilient than during the decade before the financial crisis.”

The Fed released its semiannual Monetary Policy Report just ahead of scheduled testimony before the House and Senate next week by Jerome H. Powell, the Fed chairman.

The Fed’s report suggests officials are likely to stay on their telegraphed path of gradually raising interest rates to bring them back to historically normal levels. Officials raised rates at their June meeting, to a range of 1.75 to 2 percent, and signaled that they could raise rates twice more for a total of four rate increases this year.

At times, the report reads like a bit of self-congratulation among Fed officials for their performance in recent years, including steering inflation close to the Fed’s 2 percent annual target, supporting strong economic growth and a low unemployment rate, and pushing Wall Street firms to strengthen their defenses against a potential financial shock.