WASHINGTON - Federal Reserve chairman Jerome Powell warned lawmakers on Tuesday that the coronavirus epidemic sweeping China could pose broader economic risks, even as he signalled that the central bank is comfortable holding interest rates steady for now.
"Some of the uncertainties around trade have diminished recently, but risks to the outlook remain," Powell said. The Fed's policy rate is now set in a range of 1.5 per cent to 1.75 per cent, after officials cut it three times last year to insulate the economy against wobbling global growth and fallout from President Donald Trump's trade battles.
Interest rates have fallen across advanced economies as the population has aged and productivity growth has slowed, which means that the Fed will likely have less room to cut borrowing costs to coax the economy back to life in future downturns.
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