Economics
Jerome Powell Flags Rate Cut as Global Chill Outweighs Good U.S. News
- Fed view didn’t shift with U.S. jobs report, he tells Congress
- Says trade is just one of the growing risks to world economy
This article is for subscribers only.
The Federal Reserve is preparing to cut interest rates for the first time in a decade because it sees a cooling global economy and no sign of overheating in the jobs market at home.
Since the Fed opened the door to lower borrowing costs last month, plenty more data has arrived to back up the view that “manufacturing, trade and investment are weak all around the world,” Chairman Jerome Powell told Congress at a hearing on Wednesday.