WATCH: Federal Reserve Chairman Jerome Powell says there is ‘no reason’ why the U.S. economy’s record-setting expansion, now in its 11th year, cannot continue
WASHINGTON - U.S. Federal Reserve Chair Jerome Powell on Wednesday pushed back against a favorite talking point of President Donald Trump’s, telling Congress that the negative interest rates sought by Trump aren’t appropriate for a U.S. economy with ongoing growth, a strong labor market and steady inflation.
But the Fed chief did wade into the economics of the negative rates of interest that countries including Switzerland and Germany currently pay on their government bonds. Trump has repeatedly called for Powell’s Fed to cut rates and deliver the same for his government, on Tuesday in New York telling the Fed to “give me some of that money.
He said the impact of three rate cuts this year are still to be fully felt in supporting household and business spending, and will let the central bank likely stop where it is unless there is a “material” change in the economic outlook. “We see the current stance of monetary policy as likely to remain appropriate with our outlook of moderate economic growth, a strong labor market, and inflation near our symmetric 2% objective,” Powell said. “The baseline outlook remains favorable ... My colleagues and I see a sustained expansion of economic activity ... as most likely.”Trump and the 2020 election served as the backdrop to the Fed chief’s appearance before the joint panel of senators and members of the House of Representatives.
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