(Reuters) - The Federal Reserve's latest Monetary Policy Report describes the U.S. economy as being in a solid position amid a monetary policy stance that will be driven by incoming economic data.

The report, released on Friday ahead of next week's testimony before Congress by Fed Chair Jerome Powell, said central bank officials remain committed to getting inflation back to 2% and noted when it comes to interest rate policy changes officials "will carefully assess incoming data, the evolving outlook, and the balance of risks."