Federal Reserve Chairman Jerome Powell said Friday morning that the U.S. economy is in a “favorable place” but faces “significant risks” at the moment.
In his first public remarks since cutting interest rates for the first time since 2008, Powell reiterated that the Fed is committed to doing what it needs to do in order to “sustain the expansion.” Powell made the speech at the Fed’s annual symposium in Jackson Hole, Wyoming.
President Trump lashed out at the Federal Reserve Opens a New Window. after its chairman, Jerome Powell, stopped short of saying the U.S. central bank is prepared to cut interest rates for a second time this year.
….My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?
— Donald J. Trump (@realDonaldTrump) August 23, 2019
His tweet came shortly after Powell gave a speech at the Jackson Hole Economic Symposium in Wyoming, during which he promised policymakers will “act as appropriate” to sustain the record economic expansion. The economic outlook, Powell said, remains strong, despite uncertainties resulting from the U.S.-China trade war, slowing global growth and muted inflation.
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