Finance

Powell tells market a rate cut is coming in July

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Federal Reserve Chairman Jerome Powell holds a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019.

Leah Millis | Reuters

Fed Chairman Jerome Powell, in prepared remarks for Congress, reaffirmed the Fed is concerned about economic weakness and that it will act as “appropriate” to sustain the recovery—a signal to markets that a rate cut is coming soon.

Powell said that overall growth seems to have moderated in the second quarter, and in recent weeks the outlook has not improved. “Crosscurrents have reemerged,” he said in his testimony, noting that investments slowed down “notably” from trade tensions and a global slowdown.



Source cnbc.com

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