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Federal Reserve officials said Monday that they were closely watching the sharp decline in the U.S. stock market and assessing the impact of renewed trade tensions between the United States and China on the economic and monetary policy process.
"There is no doubt that I am closely monitoring the impact of developments on the economic outlook, and I will continue to follow developments closely," Brenard said at a forum of the Federal Reserve Bank of Kansas City.
Major U.S. stock indexes tumbled about 3% late Monday.
Although Federal Reserve officials say they avoid putting too much emphasis on day-to-day changes in the market, even major trends, the continued decline in share prices may affect corporate and household spending plans, thereby affecting the Fed's view of the economy.
"I and others have said that we are committed to sustaining [U.S.] economic expansion and, if necessary, will cut interest rates further," Brenard said. Brainard last week backed the Fed's decision to cut interest rates by 25 basis points.
By contrast, Kansas City Federal Reserve President George voted against rate cuts, but she said Monday that she was also concerned about the market's response to the latest escalation of the Sino-US trade war.
"The market moves quickly. It will take a while to see how it evolves, "George said at the forum." The best thing you can do now is to observe what's going on.
Today's events show that the Federal Reserve is in a disturbing predicament. On the one hand, the U.S. economy continues to perform relatively well, on the other hand, the Trump Administration's trade policy has put financial markets under strain and increased economic risks.


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