Economy

Fed Chair Powell repeats vow to act ‘as appropriate’

Fed Chair Powell repeats vow to act ‘as appropriate’”

The U.S. Federal Reserve will continue to act "as appropriate" to sustain the economic expansion in the world's biggest economy, Fed Chair Jerome Powell said Friday in Zurich, sticking to a phrase that financial markets have taken to signal further rate reductions, but declining to be more specific.

Without addressing Trump's pressure, Powell said the Fed will continue to make decisions on a nonpolitical basis.

Stocks traded modestly higher as Powell discussed the state of the global economy and domestic monetary policy, with the U.S.in its 11th year of a history-setting expansion. Powell, however, warns that "Libra would need to be held to the highest regulatory and supervisory expectations" and that "this is not going to be a sprint to implementation".

Powell is the last public Fed speaker ahead of the September 17-18 interest-rate setting meeting.

Powell said on Friday at an event in Switzerland that the trade tensions between the U.S. and China are weighing down companies' investment decisions.

Investors have been closely monitoring the US central bank's next monetary move and will be looking for any signals pointing to it in Powell's speech.

"The main reason we are going to see gold remaining supportive is the stimulus from the Fed and China's central bank is going to keep coming". "Where did I find this guy Jerome", the president said via Twitter.

But the Fed chair repeated on Friday that the United States economy continues to remain strong, pointing to the labor market, which added 130,000 jobs last month.

Trump has persistently criticized Powell, saying, as recently as Friday morning that he questioned his decision to pick the 66-year-old former lawyer and private-equity investor.

But investors have already been anticipating further cuts by the Fed since July's first-in-a-decade cut, and failing to meet those expectations could trigger market turmoil. We serve all Americans regardless of party.

Economic uncertainty caused by trade policy is not something that central banks have a lot of experience dealing with, Powell said. The mining sector lost jobs, but there were gains in healthcare and financial services.

But he refused to say how the talks would go, adding: "We're engaged in very important discussions across the board, whether it's agriculture or IP (intellectual property) or tech transfer or cloud or cyber hacking or trade barriers". The only thing adding to "uncertainty" is the Fake News!'



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