Federal Reserve Chairman Jerome Powell will testify on\nWednesday before the Congress on the outlook for the US economy, giving his\nview two weeks after the Fed cut interest rates for the third time this year.<\/p>\n\n\n\n
The Fed said after its October 29-30 meeting that it is\nlikely to stop further cuts if the economy remains in good shape and inflation\napproaches the central bank’s target of 2%. The three cuts, which cut the\nFederal Reserve’s interest rate to 1.5 per cent, were intended to compensate\nfor slowing global growth and the US-China trade war.<\/p>\n\n\n\n
Powell is scheduled to appear on Wednesday before the Joint\nEconomic Committee of Congress. He and other federal officials believe the cuts\nare working, as lower borrowing costs have encouraged more Americans to buy\nhomes and electronic devices.<\/p>\n\n\n\n
Wider measures of the economy suggest that growth remains\nstrong if not spectacular. The unemployment rate is near its biggest 50-year\nlow of 3.6 per cent, and employment is strong enough to push the rate lower.\nAccording to the Fed’s preferred measure, inflation is only 1.3 per cent,\nalthough most federal officials expect it to rise in the coming months.<\/p>\n\n\n\n
Several Fed officials in public comments this month\nexpressed support for the Fed’s policy and expressed confidence in the economy.\n“If the economy continues to perform as we expect, the Fed is likely to\ncut rates,” Minneapolis Fed President Neil Kashkari said in a television\ninterview last week.<\/p>\n\n\n\n
New York Federal Reserve Chairman John Williams and several\nother Fed officials said last week that the three cuts had left the benchmark\ninterest rate low enough to support growth. Most analysts predict the Fed will\nachieve steady rates when it meets next month. But some economists expect\ngrowth to slow in the coming months and the Fed is likely to halt cuts next\nyear.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Reserve Chairman Jerome Powell will testify on Wednesday before the Congress on the outlook for the US economy, giving his view two weeks after the Fed cut interest rates for the third time this […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1465,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[93,60,141,74,66,79,52,50,77,36,34,145,94,114,127,11,120,25,26,29,15,48,24,78,54,13,131,44,43,91,10,58,57,70,47,86,31,18,102,76,80,119,113,135,23,45,46,104,109,81,85,106,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1464"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1464"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1464\/revisions"}],"predecessor-version":[{"id":1466,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1464\/revisions\/1466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1465"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}