Powell on Tuesday suggested an interest-rate cut in July, widely expected by investors and economists, is not a done deal
Federal Reserve Chairman Jerome Powell on Tuesday suggested that an interest-rate cut in July, widely expected by investors and economists, is not a done deal.
Powell said that “many FOMC participants” judge that the case for somewhat more-accommodative policy has strengthened. Powell said Fed officials are mindful that monetary policy “should not overreact to any individual data point or short-term swing in sentiment.”At the same time, Powell said he agreed with the “general principle” that it is better for central banks to act preemptively and not let a downturn “gather steam.”The Fed was focused “on the evolving risk picture and incoming data,” Powell said.
“We will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion,” Powell said. Powell did not directly comment on Trump’s sharp criticism of Fed policy. The president said Monday he believes he can demote the Fed chairman.But Powell said that the Fed is insulated from short-term political pressures.
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