• Bloomberg

  • SHARE

U.S. Federal Reserve Chairman Jerome Powell said Wednesday the first interest rate cut since the financial crisis was to “insure against downside risks” but didn’t signal the start of a lengthy easing cycle, drawing a sharp rebuke from President Donald Trump.

“We’re thinking of it as essentially in the nature of a mid-cycle adjustment to policy,” Powell said at a news conference following the quarter percentage-point reduction. “It’s not the beginning of a long series of rate cuts,” he said, adding, “I didn’t say it’s just one” move.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)