The Federal Reserve doesn’t need to change its interest-rate policy right now against a mixed backdrop of restrained price pressures, a generally strong U.S. labor market and slower global growth, Chairman Jerome Powell said in a speech Friday night.

“With nothing in the outlook demanding an immediate policy response,” the central bank has “adopted a patient, wait-and-see approach to considering any alteration in the stance of policy,” Mr. Powell said in remarks to the Stanford Institute of Economic Policy Research in Stanford,...