US economy remains strong, but dangers are brewing ahead, Federal Reserve Chairman Powell told a Senate cmte., noting that the financial landscape is “less supportive of growth.” - NBCNewsBusiness
The U.S. economy remains strong, but dangers are brewing ahead, Federal Reserve Chairman Jerome Powell told a Senate committee Tuesday.
China and Europe are particular areas of concern, and the Fed also is watching how Brexit negotiations and trade talks play out.The Fed has been caught in a market crossfire over the past several months, triggered by worries that it was on a set policy path and would continue tightening even if conditions weakened. More recently, though, officials have been conveying, including both the approach to interest rates and to reducing the bonds the Fed holds on its balance sheet.
In response to a question from Sen. Jon Tester, D-Mont., about what would happen if the U.S. fails to pay off its debt, Powell said,"It's beyond even consideration. The idea that the U.S. would not honor all of its obligations and pay them when due is something that can't even be considered."
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