Fed will continue to act 'as appropriate' to sustain U.S. growth, Fed Chair Powell says
Record ID:
1430249
Fed will continue to act 'as appropriate' to sustain U.S. growth, Fed Chair Powell says
- Title: Fed will continue to act 'as appropriate' to sustain U.S. growth, Fed Chair Powell says
- Date: 6th September 2019
- Summary: ZURICH, SWITZERLAND (SEPTEMBER 6, 2019) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF U.S. FEDERAL RESERVE CHAIRMAN JEROME POWELL AS HE ARRIVES AT ZURICH UNIVERSITY POWELL PARTICIPATING IN PANEL DISCUSSION (SOUNDBITE) (English) U.S. FEDERAL RESERVE CHAIRMAN JEROME POWELL, SAYING: "We would never comment on trade policy, we don't do trade... it's not a responsibility of the Fed (U.S. Federal Reserve) but I think it is the case that uncertainty around trade policy is causing some companies to hold back now on investment and so our obligation is to use our tools to support the economy, and that's what we'll continue to do." POWELL DURING DISCUSSION (SOUNDBITE) (English) U.S. FEDERAL RESERVE CHAIRMAN JEROME POWELL, SAYING: "The consumers are in good shape and really there's... our main expectation is not at all that there'll be a recession. I did mention though that there are these risks and we're monitoring them very carefully and we're conducting policy in a way that we'll address them. But no, I wouldn't see a recession as the most likely outcome for the United States or for the world economy for that matter." PANEL DISCUSSION TAKING PLACE
- Embargoed: 20th September 2019 18:41
- Keywords: U.S. Federal Reserve Chairman Jerome Powell Donald Trump economic outlook
- Location: ZURICH, SWITZERLAND
- City: ZURICH, SWITZERLAND
- Country: Switzerland
- Topics: Economic Events
- Reuters ID: LVA001AVIU0JR
- Aspect Ratio: 16:9
- Story Text:PLEASE NOTE: A LATER EDIT IN FULL QUALITY WILL FOLLOW
The U.S. Federal Reserve will continue to act "as appropriate" to sustain an economic expansion now in its 11th year, Fed Chair Jerome Powell said on Friday (September 6) in Zurich, repeating a pledge that financial markets have taken to signal a further reduction in interest rates.
"Our obligation is to use our tools to support the economy, and that's what we'll continue to do," Powell said at the University of Zurich. The U.S. and world economy are not likely to fall into recession, he said, but they do face risks and "crosswinds," including from trade uncertainty.
The Fed cut rates by a quarter of a percentage point in July in what Powell characterized as insurance against a downturn amid rising trade policy uncertainty and a global slowdown. Since then trade uncertainty has heightened further, with Washington and Beijing imposing tariffs on each other's imports earlier this week but promising high-level talks in early October. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None