Fed chairman says goal is to keep economy in 'good place'

October 04, 2019 - 11:06 am

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the U.S. economy is facing some risks at the moment, but overall it is in a "good place" and the Fed's main job is to "keep it there as long as possible."

Powell notes that unemployment is at a half-century low and inflation is running close to the Fed's 2% target.

He says that while Fed officials believe they have the correct strategy and tools to extend the current record-long expansion, it is important to examine whether any changes could improve the Fed's handling of the economy.

In his brief remarks, Powell gave no hint on whether the Fed will cut interest rates for a third time this year when it meets later this month.