Powell says economy facing growing uncertainties

FILE - In this May 1, 2019, file photo Federal Reserve Board Chair Jerome Powell speaks at a news conference following a two-day meeting of the Federal Open Market Committee in Washington. On Tuesday, June 25, Powell is scheduled to speak on the economy outlook and monetary policy review at the Council on Foreign Relations in New York. (AP Photo/Patrick Semansky, File)

WASHINGTON — Federal Reserve Chairman Jerome Powell says the economic outlook has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move on interest rates.

Speaking to the Council on Foreign Relations in New York, Powell says the Fed is now grappling with the question of whether those uncertainties will continue to weigh on the outlook and require action.

Powell did not commit to a rate cut but says the central bank will closely monitor incoming data and be prepared to "act as appropriate to sustain the expansion."

Many economists believe the Fed could decide at its next meeting on July 30-31 to cut its key policy rate, something it has not done since 2008.

Must Read

Farm safety top priority with farm tourism on the...

Aug 24, 2016

Connecticut officials are joining other states in educating local farmers about how to mitigate...

The hidden risk to the economy in corporate...

Aug 24, 2016

America has a debt problem, and the big borrower this time may surprise you: Corporate America

Yellen, in speech Friday, could send signal about...

Aug 26, 2016

Yellen, in Jackson Hole speech Friday, could send a signal about timetable for next rate hike

Investors to seek any hint of Yellen timetable on...

Aug 26, 2016

Investors to seek any hint in Yellen speech of a timetable for next rate hikes

Stocks end mostly lower after Yellen speech

Aug 26, 2016

Stocks end mostly lower, giving up earlier gains after Fed Chair Yellen said the case for raising...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com