Economics
Powell, Williams See More Gradual Fed Hikes Despite Trade Uproar
- In separate speeches, both are upbeat on U.S. economy outlook
- Financial markets churn lower on China-U.S. trade spat
Powell Says Gradual Rate Hikes Best Promote the Fed's Goals
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Federal Reserve Chairman Jerome Powell backed further gradual interest-rate increases amid strong U.S. economic momentum, in remarks that avoided the turbulent U.S. stock market and sought to steer clear of the simmering U.S.-China trade dispute.
“We will continue to aim for 2 percent inflation and for a sustained economic expansion with a strong labor market,” Powell said Friday in his first speech since becoming chairman in February. “As long as the economy continues broadly on its current path, further gradual increases in the federal funds rate will best promote these goals.”