(Bloomberg) -- Federal Reserve Vice Chair Philip Jefferson said a strong economy allows policymakers to take their time before considering any additional cuts to interest rates.

He also said healthy household balance sheets have supported strong consumer spending, but added some lower income households are feeling “stretched.”

“While a cumulative cut in the policy rate by 100 basis points last year has brought the stance of monetary policy closer to a neutral setting, monetary policy continues to be restrictive,” Jefferson said Wednesday in remarks prepared for an event at Vassar College in Poughkeepsie, New York. “I believe that, with a strong economy and a solid labor market, we can take our time to assess the incoming data to make any further adjustments to our policy rate.”

Fed officials left their benchmark policy rate steady in January after lowering it three times late last year. Several policymakers have signaled they’re in no rush to cut rates as they wait for more progress on inflation and seek information on President Donald Trump’s economic policies.

He repeated his view that the downward path of inflation would continue to be “bumpy.”

Jefferson said households overall are in a “good position” thanks to high housing values and “subdued” debt levels. But he said low-to-middle-income households have less cash on hand than they did before the crisis.

“Overall, American households currently possess a very high level of wealth that is driven by elevated house values, relatively low overall debt levels, and a strong stock market,” he said. “That said, some households may have a difficult time weathering unexpected costs or economic shocks.”

(Updates starting in the second paragraph with additional remarks.)