Washington: Our economy is in a "favorable position"[/rtl]
[rtl]Date of editing:: 2019/8/23 18:02 • 202 times read[/rtl]
Federal Reserve Chairman Jerome Powell said on Friday that the US economy is "in a favorable position" and that the central bank "will act in an appropriate way" to maintain the current economic growth, comments provided little evidence on whether The US central bank would cut interest rates at its next meeting.
Powell, under pressure from President Donald Trump for a large and rapid cut in interest rates, listed a series of economic and geopolitical risks the Fed is monitoring, noting that many are linked to the Trump administration's trade wars with China and other countries.
But he said, "The US economy continues to perform well in general, corporate and manufacturing investment has declined, but strong job growth and wage increases are driving strong consumption and supporting overall moderate growth."
Powell said in a speech to the annual economic forum of the Reserve at the Jackson Hole Mountain Resort in Wyoming that if trade wars disrupted corporate investment and confidence and contributed to the "deterioration" of global growth, the US central bank may not be able to fix all this through monetary policy.