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在线翻译:
szdaily -> World -> 
Fed’s Powell sends strong signal of rate reduction
    2019-07-12  08:53    Shenzhen Daily

U.S. Federal Reserve Chairman Jerome Powell said Wednesday that uncertainties hanging over global growth and trade tensions show little sign of abating recently, sending a strong signal that the central bank would cut interest rates later this month.

The central bank chief also said he would not quit his job even if President Donald Trump asked him to.

Testifying before the House Committee on Financial Services on the Fed’s Semiannual Monetary Policy Report, Powell said crosscurrents such as trade tensions and concerns about global growth have been weighing on the U.S. economic activity and outlook.

The chairman said in his prepared remarks that at the June meeting of the Federal Open Market Committee (FOMC), “many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened.” The FOMC is the Fed’s policy-making body.

“Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook. Inflation pressures remain muted,” he said.

Shortly after the hearing wrapped up, the Fed released the minutes of the June 18-19 FOMC meeting.

“Participants judged that uncertainties and downside risks surrounding the economic outlook had increased significantly over recent weeks,” read the minutes, adding that nearly all FOMC participants had revised down their assessment of the appropriate path for the federal funds rate.

The minutes said several FOMC participants noted that a near-term rate cut was “appropriate” from a risk-management perspective, as it “could help cushion the effects of possible future adverse shocks to the economy.”

(Xinhua)

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