NEWS： The Fed cut interest rates for the third time in the year
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"We think monetary policy is in the right position," Fed chairman Powell said at a news conference after the Fed announced a 25 basis point cut to reduce the target range of policy interest rates to 1.50% - 1.75%.
"We are taking this action to help the economy stay strong, to cope with the development of the global situation, and to provide some protection against continuous risks," he said. "We believe that as long as the future economic information is basically consistent with our expectations, the current monetary policy position may still be appropriate."
Powell's speech conflicts with President Trump's request that the Federal Reserve should cut interest rates more significantly. Trump often criticizes the Federal Reserve and Powell for their policy positions.
At the press conference, Powell cited a series of reasons why he thought the economy performed well, including strong consumer spending, increasing real estate sales, and rising asset prices. He thought the performance in these areas was healthy but not overheated. He also pointed out that under the current monetary policy position, this situation may continue.
The S & P 500 closed at a record high on Wednesday.
Powell also said that some of the most disturbing risks to Fed officials appeared to have abated in recent weeks, prompting them to believe that further rate cuts would be necessary if they were merely a "precautionary measure".
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