Americas News Fed’s Powell says economy in good place, warns on coronavirus Wednesday, Feb 12, 2020,17:02 (GMT+7) Fed’s Powell says economy in good place, warns on coronavirus Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing featuring the semi-annual Monetary Policy Report, on Capitol Hill in Washington, U.S., February 11, 2020 – PHOTO: REUTERS WASHINGTON (REUTERS) – Federal Reserve Chair Jerome Powell told Congress on Tuesday that the U.S. economy is in a good place, even as he cited the potential threat from the coronavirus in China and concerns about the economy’s long-term health. With risks like trade policy uncertainty receding and global growth stabilizing, “we find the U.S. economy in a very good place, performing well,” Powell told the U.S. House of Representatives Financial Services Committee. The U.S. economic expansion, now in its 11th year, is the longest on record. “There is no reason why the expansion can’t continue,” he said, repeating the central bank’s view that its current target range for short-term borrowing costs, between 1.50% and 1.75%, is “appropriate” to keep the expansion on track. But, he said, the outbreak of the new coronavirus will impact China and its close neighbors and trading partners,… Read full this story
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