Powell again signals Fed is prepared to cut interest rates

July 11, 2019 - 7:31 am

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell, testifying for a second day before Congress, is delivering the same message: that the central bank is prepared to cut interest rates to support the economy, raising hopes that the first reduction in its key policy rate in a decade could happen later this month.

Powell's prepared testimony to the Senate Banking Committee is identical to the remarks he delivered Wednesday before the House Financial Services Committee on Wednesday.

In his opening comments, Powell says that "uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook."