Washington — Concerns about trade policy and a weak global economy “continue to weigh on the US economic outlook” and the Federal Reserve stands ready to “act as appropriate” to sustain a decade-long expansion, Fed chairman Jerome Powell said on Wednesday in remarks that could bolster expectations of an interest rate cut later in July.
In prepared remarks to a congressional committee, Powell contrasted the Fed’s “baseline outlook” of continued US growth against a considerable set of risks, including persistently weak inflation, slower growth in other major economies, and a downturn in business investment driven by uncertainty over just how long the Trump administration’s trade war with China and other countries will last and how intense it will become...
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