U.S. central bankers are expected to lower borrowing costs this week for the first time since the depths of the financial crisis more than a ...
SAN FRANCISCO: U.S. central bankers are expected to lower borrowing costs this week for the first time since the depths of the financial crisis more than a decade ago. That's the easy part.
New York Fed President John Williams even briefly convinced markets the Fed planned to cut rates by half a percentage point this week, until the New York Fed issued a statement to explain that his remarks about"vaccinating" the economy against serious illness were academic in nature and not meant to signal near-term policy decisions.
But as for what economic threshold would trigger a further rate cut, he said,"I don't think they have a clear idea." A report on Friday showed robust consumer spending kept the U.S. economy growing at a 2.1per cent pace in the second quarter, a smaller slowdown than expected. But it also underscored the weak business investment and inflation that has worried Powell.
Some Fed policymakers, including Kansas City Fed President Esther George and Boston Fed President Eric Rosengren, may even go so far as to register their reservations over further easing with a formal dissent.Mounting signs of weakness in Europe and China and the prospect that new British Prime Minister Boris Johnson will make a messy exit from the European Union have raised the odds of rate cuts abroad, with the European Central Bank looking all but certain to ease policy come September.
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