Jerome Powell says Fed is wrestling with whether to cut rates, insulated from politics
Updated : June 25, 2019 11:55 PM IST
Powell's remarks come as the central bank, which paused rate hikes this year and has suggested it could cut them in the face of concerns including the White House's conflicts with trading partners, faces increasing anger from Trump.
The president, who has said as recently as this weekend that he has the power to demote Powell, on Monday said on Twitter that the Fed "doesn’t know what it is doing," adding that it "raised rates far to fast" given low inflation and slowing global growth.
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