Fed chairman hints at first interest rate cut in over a decade

Officials believe weakening global economy and rising trade tensions strengthened the case for a rate cut, Jerome Powell wrote

The US looks increasingly likely to cut interest rates for the first time in over a decade, the Federal Reserve chairman, Jerome Powell, hinted on Wednesday.

“Many” Fed officials now believe a weakening global economy and rising trade tensions have strengthened the case for a rate cut, Powell wrote in a report released ahead of his appearance before Congress later on Wednesday.

Related: UK economy returns to growth; Fed chair hints at US rate cut – business live

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Read the original at Economics | The Guardian.