Fed chief signals central bank will defy White House demands for further rate cuts
U.S. Federal Reserve Chairman Jerome Powell speaks during a news conference following the two-day Federal Open Market Committee policy meeting in Washington, U.S., March 20, 2019.Federal Reserve Chairman Jay Powell signaled to a congressional committee Wednesday that the central bank saw little need to further prop up the economy.
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. 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.
"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."three times to its current range between 1.5% and 1.75%.
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