Powell says Fed will ‘use our tools’ to support economy amid coronavirus concerns
Federal Reserve Chairman Jerome Powell pledged Friday that the Fed will "use our tools" to support the economy, an effort to ease fears and a strong signal of a likely rate cut, perhaps at its next meeting March 17-18.
WATCH: Federal Reserve Chair Powell says economy looks resilient despite risk of China virus
Powell said the Fed is monitoring developments stemming from the coronavirus, which he said "could lead to disruptions in China that spill over to the rest of the global economy."…
WATCH: Federal Reserve leaves key interest rate unchanged
The central bank was widely expected to leave its short-term interest rate unchanged. The Fed lowered rates three times last year.
Trump summons Powell to discuss interest rates
Monday’s meeting could fuel concerns that the White House is intensifying public pressure on Jerome Powell -- who was President Donald Trump’s own choice to lead the Fed -- to cut rates more aggressively.
Jerome Powell is one of the few leading public figures urging Congress to reduce the federal government’s annual deficit, which is nearing $1 trillion.
In testimony before a congressional panel, Powell expressed optimism about the U.S. economy and said he expects it will grow at a solid pace, though it still faces risks from slower growth overseas and trade tensions.
In his brief remarks, Jerome Powell gave no hint on whether the Fed will cut interest rates for a third time this year when it meets later this month. Watch a Federal Reserve panel discussion live in our player.
The Federal Reserve has cut interest rates for the second time in three months in a bid to keep the U.S. economy growing. What indicators are driving the recent rate reductions, and what is the larger influence of economists on…
The Fed’s reduction of the federal funds rate is only one of many factors that affect the U.S. economy, but it can still trigger shifts that trickle down into Americans’ finances.
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