The U.S. Federal Reserve will continue to act 'as appropriate' to sust...
ZURICH - The U.S. Federal Reserve will continue to act “as appropriate” to sustain the economic expansion in the world’s biggest economy, Fed Chair Jerome Powell said Friday in Zurich, sticking to a phrase that financial markets have read as signaling further interest-rate reductions ahead.
Powell’s careful wording reflects a split within the U.S. central bank about how best to respond to an economy where the job market and consumer spending are strong but rising trade tensions between Beijing and Washington, Britain’s possibly messy exit from the European Union, and a broad global slowdown pose risks.Boston Fed President Eric Rosengren for instance has made the case for leaving rates where they are until those risks are more tangible in the economic data.
FILE PHOTO: Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve's two-day Federal Open Market Committee Meeting in Washington, U.S., July 31, 2019. REUTERS/Sarah SilbigerFed officials are particularly focused on whether a drop in business spending and a manufacturing slump brought on by rising trade uncertainty is spreading to other parts of the economy. Factory activity declined in August as U.S.
Powell, who spoke a few hours after the jobs report, said it was his expectation the U.S. and world economies would continue to grow moderately and would avoid any recession. Trump on Friday kept up his call for the Fed to lower interest rates, saying policymakers were wrong to raise them last year.
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