“My colleagues and I have one overarching goal, to sustain the economic expansion,” Powell told a press conference following the decision. He noted that apparent progress on trade talks had “turned to greater uncertainty” and many Fed officials “now see that the case for somewhat more accommodative policy has strengthened.”
(June 20): The Federal Reserve signalled it was ready to lower interest rates for the first time since 2008, citing “uncertainties” that have increased the case for a cut as officials seek to prolong the near-record US economic expansion.
While Chairman Jerome Powell and fellow central bankers left their key rate in a range of 2.25% to 2.5% on Wednesday, they dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year.
