In his annual remarks at the central bank's Jackson Hole symposium, Powell offered little in the way of guidance on where he thinks rates should go, saying that the Fed "will act as appropriate to sustain the expansion," a phrase he has used several times in the recent past.
"While monetary policy is a powerful tool that works to support consumer spending, business investment, and public confidence, it cannot provide a settled rulebook for international trade," he said in prepared remarks. "We can, however, try to look through what may be passing events, focus on how trade developments are affecting the outlook, and adjust policy to promote our objectives.
At its July 30-31 meeting, the policymaking Federal Open Market Committee approved a 25 basis point rate cut, the first reduction in 11 years. Officials cited concerns over weaker global growth, the U.S.-China trade tensions and low inflation in making the reduction.
CNBC : Jim Stewart “the day Navarro leaves will be a big rally” , understatement of the year!
“The global growth outlook has been deteriorating since the middle of last year. Trade policy uncertainty seems to be playing a role in the global slowdown and in weak manufacturing and capital spending in the United States,” Fed Chair Powell said.
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