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Economics

Powell Heads to Congress With Rate Cut in Play, Risk on His Mind

  • Economists look for clearer signals on possible insurance cut
  • June’s strong jobs report weighs against urgency for a move
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Senator Kevin Cramer, a Republican from North Dakota, discusses the Fed and trade.(Source: Bloomberg)

Jerome Powell is likely to leave Federal Reserve interest-rate cuts firmly on the table when he appears before Congress this week, even though the latest U.S. jobs report dialed down the urgency to ease borrowing costs.

The Fed chairman, who has been hectored for months by President Donald Trump for not cutting rates, will probably repeat language from the Federal Open Market Committee’s June statement that it will “act as appropriate’’ to sustain the economic expansion -- reinforcing bets the central bank will cut at its July 30-31 meeting.