UPDATE 1-Powell does not veer from signal that rate cuts are coming
By Editor - Thu Jul 11, 11:55 am
Federal Reserve Chair Jerome Powell indicated again on Thursday that an interest rate cut from the U.S. central bank is likely at its next meeting later this month as businesses slow investment due to trade disputes and a global growth slowdown. In the second day of semi-annual testimony on Capitol Hill, Powell did not veer from the line he took a day earlier before the House Financial Services Committee, when he pledged the Fed would “act as appropriate” to defend the economy. This time addressing members of the Senate Banking Committee, Powell repeated his litany that three main risks threaten what is now a record-long U.S. economic expansion: trade uncertainty, slowing growth abroad and stubbornly low inflation.
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