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Coronavirus is being closely monitored by Fed, Powell says

Federal Reserve Chairman Jerome Powell told Congress Tuesday that Fed officials aim to hold interest rates steady barring a “material” change in their outlook, though he said they’re “closely monitoring” the coronavirus for disruptions “that could spill over to the rest of the global economy.”

The Fed cut its benchmark federal funds rate three times last year during the Trump administration’s trade war with China and as global growth turned sluggish. The outlook brightened somewhat late last year.

“With some uncertainties surrounding trade having diminished and amid some signs that global growth may be stabilizing, the (Fed) left policy rate unchanged,” Powell said testimony before the House Financial Services Committee.

Federal Reserve Chairman Jerome Powell says some uncertainties about trade have diminished.

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He said, “In particular, we are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy.”

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Brett loves to read and write about business and thus, has some of the best contents regarding business penciled down for a number of reputed portals. Brett has successfully completed 2 Years with the Healthcare Industry Reports portal. He plans to have a part-time course chosen for all the juniors to be educated in the field of writing. Brett shifted to writing almost immediately after the completion of a degree in Business Administration. He plans to share his skills through writing. Brett’s career choice seems to have been excellent as we are being blessed with some of the most informative articles on a constant basis.

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