U.S. Federal Reserve Chairman Jerome Powell said on Tuesday the central bank wil...
CHICAGO - U.S. Federal Reserve Chairman Jerome Powell said on Tuesday the central bank will “act as appropriate” in response to risks posed by a trade war, remarks that may open the door to the possibility of a rate cut.
The brief statement opened a two-day session at the Chicago Federal Reserve intended to shore up the central bank’s policies to prepare for the likely possibility that policymakers will eventually confront another recession and push rates back to zero, eliminating any room to cut further and thus exhausting a traditional policy tool.
“We are likely seeing the beginning of coordinated Fed-speak to prep market participants for at least one rate cut this year,” said John Doyle, vice president of dealing and trading at Tempus Inc in Washington. Commerce Department data on Tuesday underscored that factory activity has weakened, with new orders for U.S.-made goods falling in April as shipments dropped by the most in two years.
That is among the considerations on the table at the Fed’s summit in Chicago, a continuation of a series of meetings this year around the country involving academics, businesspeople and community leaders.
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