Federal Reserve Chairman Jerome Powell is signaling the Fed is likely to cut interest rates later this month, for the first time in a decade.
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Powell testified before the Financial Service Committee. He attributed the possibly cut to a weakening global economy and rising trade tensions. Powell said, “Our baseline outlook is for economic growth to remain solid, labor markets to stay strong, and inflation to move back up over time to the committee’s 2% objective.
However, uncertainties about the outlook have increased in recent months. In particular, economic momentum appears to have slowed in some major foreign economies and that weakness could affect the U.S. economy. Moreover, a number of government policy issues have yet to be resolved, including trade developments, the federal debt ceiling, and Brexit”.
Economists are suggesting Powell’s prepared remarks make a quarter-point rate cut a virtual certainty at the Fed’s meeting this month, with many forecasting further cuts to come.
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