WASHINGTON — Federal Reserve Chairman Jerome Powell signaled Friday that the Fed stands ready to cut interest rates further if the economy needs it but wasn't clear about when or by how much.
On a day of fast-moving events in the financial world, Powell's speech followed China's announcement earlier Friday that it will impose new tariffs on $75 billion of U.S. products in retaliation for Trump's latest planned tariff increases. China will also raise import taxes on U.S.-made autos and auto parts. Beijing's actions deepened a trade conflict that threatens to tip a weakening global economy into recession.
The confusion only heightened in the days leading to the Jackson Hole conference, at which Powell gave the keynote address. Minutes of the Fed's July meeting released Wednesday showed that although officials voted 8-2 to cut their benchmark rate by a quarter-point, there was a wider divergence of opinion on the committee than the two dissenting votes against the rate cut had indicated.
Comments Thursday from Fed officials gathering in Jackson Hole reflected the committee's sharp divisions, including some reluctance to cut rates at least until the economic picture changes. Robert Kaplan, president of the Fed's Dallas branch indicated that he might be prepared to support further rate cuts.
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