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- Fed governor Powell says in prepared testimony that uncertainties since June FOMC continued to dim outlook
Fed governor Powell says in prepared testimony that uncertainties since June FOMC continued to dim outlook
- It appears training uncertainties and concerns about global economy continue to weigh on US economic outlook
- Fed will act as appropriate to sustain US economic growth
- Baseline outlook for US economic growth remained solid, labor markets to stay strong and inflation to move back up to central bank's 2% target
- There is a risk weak inflation will be even more persistent than Fed currently anticipates
- US consumer spending growth was weak in first-quarter data shows it has bounced back and is running at a solid pace
- US economy's long-term challenges include high and rising federal debt and relative stagnation of middle and lower incomes
- Housing manufacturing look to have dipped again in 2Q
- Economy performed reasonably well over 1H, jobs healthy
- Many of June FOMC soft case for somewhat easier policy
- Inflation pressures remain muted
- Investment seems to have slowed notably on trade fears
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