WASHINGTON — Federal Reserve Chairman Jerome Powell said Tuesday that the U.S. economy appears durable, with steady growth and unemployment near a half-century low, but faces risks from the broadening virus outbreak that began in China.

Powell also said that the Fed is content with where interest rates are, suggesting that no further rate cuts would be contemplated unless economic conditions were to change significantly. Since last fall, the Fed has kept its benchmark short-term rate in a low range of 1.5 percent to 1.75 percent, well below levels typical during previous economic expansions.

The chairman made his remarks Tuesday to the House Financial Services Committee on the first of two days of semiannual testimony to Congress.

The Fed is monitoring developments stemming from the coronavirus, Powell said, which he cautioned “could lead to disruptions in China that spill over to the rest of the global economy.”

Powell said it’s too early to assess the scope of the threat the virus poses to the U.S. economy. But he observed that the economy “is in a very good place,” with strong job creation and steady if modest growth.

“We will be watching that carefully,” he said about the virus’ impact. “And the question we will be asking is will these be persistent effects that could lead to a material reassessment of the outlook” in the United States.

On interest rates, Powell said the Fed “believes that the current stance of monetary policy will support continued economic growth, a strong labor market” and annual inflation returning to the committee’s 2 percent target level.

The chairman expressed satisfaction with many economic barometers, noting that the expansion is well into its 11th year, the longest period of uninterrupted U.S. growth on record. Last year, the economy was buffeted by a global slowdown and rising uncertainty sparked by the trade wars.

Powell said that while the “global headwinds had intensified last summer,” the economy proved resilient. He noted that job openings remain plentiful and that employers appear increasingly willing to hire workers with fewer skills and train them.