11/13/2019, 3:34 PM (Source: TeleTrader)
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Powell: Fed sees 'sustained' economic expansion

In his prepared statement released before his testimony in Congress, Federal Reserve Chairman Jerome Powell said that he and his colleagues see a "sustained expansion of economic activity," coupled with a strong labor market and inflation near the 2% target, despite ongoing risks.

"Sluggish growth abroad and trade developments" have pressured the economy downwards, he noted, adding that longer-term inflation expectations lower than historical ranges.

The central banker pointed out that the current monetary policy, which cut interest rates three times this year, is "likely to remain appropriate" as long as incoming economic data is in line with the expected moderate growth, strong labor market and inflation target near 2%.

Breaking the News / NI