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Economy

US Fed chair Powell testimony, meeting highlight case for 'insurance'

Updated : July 11, 2019 06:45 AM IST

Federal Reserve chairman Jerome Powell on Wednesday set the stage for the rate cut this month, as records from policymakers' latest meeting showed increasing fear that a US-China trade war that has done little to directly restrain growth is indirectly causing businesses to hold back on buying equipment, giving workers a raise and hiking their prices.
Powell used an appearance before his congressional overseers on Wednesday to confirm that the US economy is still under threat from disappointing factory activity, tame inflation and a simmering trade war.
At that June 18-19 meeting, some Fed policymakers worried that they may need act to lift inflation that is failing to meet the US central bank's 2 percent annual target and to combat a pervasive pessimism among corporations that they see holding back business investment.
US Fed chair Powell testimony, meeting highlight case for 'insurance'

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