The Federal Reserve will respond 'as appropriate' to the risks posed b...
CHICAGO - The Federal Reserve will respond “as appropriate” to the risks posed by a global trade war and other recent developments, Fed Chairman Jerome Powell said on Tuesday in remarks that seemed to open the door to the possibility of a rate cut.
In a brief statement included as part of a speech on broader monetary policy issues, Powell said the Fed was “closely monitoring the implications” of a trade dispute that has, since the Fed’s last meeting, disrupted global bond and equity markets and posed risks to U.S. and world economic growth. His remarks did not include a reference to the current Fed target interest rate as appropriate, or repeat the pledge to be “patient” before raising or lowering rates again - both standard talking points in recent Fed statements.
The prospect of increased world tariffs and a protracted trade battle led St. Louis Fed President James Bullard to back a rate cut this week, and have increased market bets that the Fed would set its promise of patience aside and lower borrowing costs.
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