3/3/2020, 5:08 PM (Source: TeleTrader)
more TeleTrader news

Powell: Fed talks to other central banks regularly

Federal Reserve Chairman Jerome Powell said in a press conference on Tuesday that United States central bank is talking to central banks from other countries "on a regular basis" but that the rate cut is a decision based on what's good for the US economy.

In the last couple of weeks, Powell explained, the broader spread of the virus, especially in the US, increased risks to the outlook of the economy, which prompted the Fed to unexpectedly lower rates.

He stressed that the US economy is still "strong" and that he fully expects a return to solid growth strong labor market after the coronavirus outbreak reaches its peak.

Breaking the News / NI