Finance

Fed is ‘closely monitoring’ coronavirus for impact

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The Federal Reserve is “closely monitoring” the coronavirus, its impact on China and the effect that it could have on global economic growth, Chairman Jerome Powell said Tuesday.

In his semiannual testimony before Congress, Powell said the new threat comes just as trade uncertainties have diminished, though the U.S. economy appears “resilient” to global headwinds.

Despite the threat from the virus, he said Fed policy is well positioned after a series of rate cuts in 2019.

“As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy will likely remain appropriate,” he said.

He did, though, express some misgivings about…



Source cnbc.com

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