Jay Powell, chairman of the Federal Reserve, has signalled the central bank stood ready to cut interest rates, saying it would “act as appropriate to sustain the expansion” amid the economic impact of escalating trade wars.
“We do not know how or when these issues will be resolved,” he said, in remarks that helped stoke a rally on Wall Street. “We are closely monitoring the implications of these developments for the US economic outlook.”
Mr Powell was addressing a conference hosted by the Federal Reserve Bank of Chicago, part of a year-long review of how the central bank carries out and communicates its objectives.
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