The divided Fed is reluctant to cut rates in face of a global 'spreading recession,' Wall Street bear David Rosenberg says

Divided Fed reluctant to cut rates in face of global 'spreading recession,' David Rosenberg says

at the annual Jackson Hole symposium in Wyoming. Powell repeated his pledge to "act as appropriate to sustain the [economic] expansion."

Rosenberg, who is bearish on the market, illustrated the difficulties ahead for the Federal Open Market Committee. The 12-member group makes decisions on U.S. monetary policy, including interest rates. Still, Wall Street has been watching to see if the central bank would signal more interest rates are to come after the U.S. bond market flashed a number of recession warnings in the past week.

Pointing to the FOMC's July meeting notes that were released earlier this week, Rosenberg said Powell's "hands are really tied" because this is the most divided that he's seen the Fed "in my 30-plus years in the financial business."

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