Fed Chairman Jerome Powell said the central bank’s rate cut was part an ongoing move to adjust to economic conditions though no guarantee of future cuts.
said the central bank's rate cut approved Wednesday was part an ongoing move to adjust to economic conditions though no guarantee of future cuts.
"We're thinking of it essentially as a midcycle adjustment to policy," he said. Powell added that Fed officials "think it will serve all of those goals" that he mentioned. "That refers back to other times when the FOMC has cut rates in the middle of a cycle and I'm contrasting it there with the beginning of a lengthy cutting cycle," he said. "That is not what we're seeing now, that's not our perspective now."
The Fed voted to reduce its benchmark lending rate a quarter point to a range of 2% to 2.25%. It was the first cut in the benchmark funds rate since December 2008.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. markets gyrate after Fed cuts rates, stocks fallWall Street turned negative after Federal Reserve Chairman Jerome Powell in a pr...
Read more »
Powell 'confused' the markets about the Fed's intentions, but it is expected to cut rates againThe Fed cut interest rates, as expected Wednesday, but comments from Fed Chairman Powell were seen as confusing and market pros say Fed policy has now become muddled.
Read more »
How the Fed and Jerome Powell sent ‘a bit of a shockwave’ through financial marketsA widely expected Fed rate cut ended up sending shockwaves through financial markets Wednesday as Chairman Jerome Powell signaled policy makers weren’t in a...
Read more »
Fed draws Trump rebuke after rate cut: 'Powell let us down'The candidates are now discussing the economy. Note: The Fed lowered interest rates by one-quarter of a percentage point today. It was the first cut in more than a decade.
Read more »
‘As usual, Powell let us down,’ Trump tweets after Fed fails to back stronger monetary easingPresident Donald Trump said Wednesday that he was disappointed Fed Chairman Jerome Powell ruled out a lengthy series of interest-rate cuts.
Read more »
Trump says Fed Chief Powell 'let us down' by not clearly signaling more rate cutsPresident Donald Trump said that Federal Reserve Chairman Jerome Powell 'let us down' on Wednesday hours after the Fed lowered its benchmark rate by a quarter point.
Read more »