Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first ...
WASHINGTON - Federal Reserve Chairman Jerome Powell on Wednesday set the stage for the first U.S. interest rate cut in a decade later this month, pledging to “act as appropriate” to defend an economic expansion threatened by trade disputes and a global slowdown.
Though the U.S. government reported strong job growth for June, other major economies’ “data have continued to disappoint. That is very broad across Europe and around Asia, and that continues to weigh,” the head of the U.S. central bank said. The once-strong connection between tight labor markets and inflation had weakened “to the point where it’s a faint heartbeat,” he said later in the day in response to questioning by Democratic Representative Alexandria Ocasio-Cortez.
Asked by Representative Maxine Waters, who chairs the committee, if he would “pack up and leave” if the president demanded it, Powell replied with a curt “no ma’am ... The law clearly gives me a four-year term and I fully intend to serve it.” “Apparent progress on trade turned to greater uncertainty, and our contacts in business and agriculture reported heightened concerns over trade developments,” Powell said, noting that business investment, an important component of economic growth, “seems to have slowed notably” in recent months.index briefly crossing the 3,000-point mark for the first time. The U.S. dollar .DXY fell against a basket of other currencies.
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