Fed chief signals central bank will defy White House demands for further rate cuts

markets.businessinsider.com | 11/13/2019 | Staff
blackyblacky (Posted by) Level 3
Federal Reserve Chairman Jay Powell signaled to a congressional committee Wednesday that the central bank saw little need to further prop up the economy.

He stressed that policymakers expected the record-long expansion to hum along despite cooler activity around the globe and heightened policy uncertainty.

Comments - Draw - Ire - White - House

The comments were likely draw further ire from the White House, which has increasingly demanded the independent central bank take steps to juice the economy ahead of the 2020 elections.

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Federal - Reserve - Chairman - Jay - Powell

Federal Reserve Chairman Jay Powell signaled to a congressional committee Wednesday that the central bank saw little need to further prop up the economy, which he added has already benefited from a string of recent interest rate cuts.

In prepared testimony before the Joint Economic Committee, Powell stressed that policymakers expected the record-long expansion to hum along despite cooler activity around the globe and heightened policy uncertainty. The comments were likely draw further ire from the White House, which has increasingly demanded the independent central bank take steps to juice the economy ahead of the 2020 elections.

Baseline - Policy - Adjustments - Support - Economy

"This favorable baseline partly reflects the policy adjustments that we have made to provide support for the economy," he said. "However, noteworthy risks to this outlook remain. In particular, sluggish growth abroad and trade developments have weighed on the economy and pose ongoing risks."

Between July and October, the central bank lowered its benchmark...
(Excerpt) Read more at: markets.businessinsider.com
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