When asked if the Fed will consider cutting rates later this year in response to the lower growth outlook, Powell said that the current economic data does not indicate the need for any such measures, according to the Associated Press.
“It is a great time for us to be patient and to watch and wait,” Powell said.
Nevertheless, despite the central bank’s sharp downgrade for growth, Powell still remained optimistic about the growth outlook of the U.S. economy, adding that the unemployment rate remains low, incomes are rising and surveys of consumer and businesses reveal confidence in the economy.
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