Jerome Powell says Fed prepared to act to sustain recovery

Federal Reserve Chairman Jerome Powell said the central bank stands ready to do what is necessary to support the record-long U.S. economic expansion

Trump has waged a public campaign for months to press the Fed to aggressively slash rates, blaming Powell and the central bank for any economic sluggishness.Sign Up

For his part, Powell said uncertainty caused by Trump’s tariffs on China and other U.S. trading partners is one of the major risks the Fed is watching. The Fed cut interest rates by 25 basis points in July on a divided vote. Four regional presidents this week expressed concerns about reducing rates, setting up a potential showdown at the central bank’s Sept. 17-18 meeting.

“Thus, after a decade of progress toward maximum employment and price stability, the economy is close to both goals,” he said.

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