Understanding central banks is often compared to reading tea leaves: picking up ...
WASHINGTON - Understanding central banks is often compared to reading tea leaves: picking up on subtle clues that point in one direction or another.
For a while on Wednesday afternoon reporters and investors did just that, as they parsed the Federal Reserve’s statement describing a widely expected decision to cut interest rates for the third time this year. Leaving rates where they are now, he told the roomful of reporters in remarks also carried live on the internet, is “likely to remain appropriate” unless there is a “material reassessment” of the Fed’s outlook for moderate growth, a strong jobs market, and healthier inflation.
Powell responded, exactly repeating the phrases he had used earlier, as if to underscore that, like the statement the Fed issued earlier, he was sticking to script.
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