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The first US interest rate cut in ten years is expected to take place this month.
Federal Reserve Chairman Jerome Powell has pledged to "act appropriately" to defend US economic expansion in a difficult international context.
Powell also dismissed President Trump's recent criticism of his leadership of the Fed, saying he would not resign, even though Trump was asking him to leave.
Lee Seung-jae reports.
Testifying before the US House of Commons Committee on Financial Services on Wednesday …, Federal Reserve Chairman Jerome Powell pledged to lead the strong US economy across a road fraught with international trade and a global slowdown.
"The economy has performed relatively well in the first half of 2019 and the current expansion is now in its eleventh year.However, inflation has been below the symmetrical goal of two percent of the FOMC and cross-currents, such as growth tensions, weigh on economic activity and prospects ".
In doing so, Powell strongly hinted that a rate cut would occur later this month.
If that happens, it will be the Fed's first reduction in ten years.
After Powell's announcement, the Dow was back on Wednesday, and the S & P 500 broke the 3,000 mark for the first time in its history.
Meanwhile, dismissing repeated criticism from President Trump, Powell insisted that he would not step down even though Trump was asking him to resign.
The Fed chief pointed out that the law guaranteed him a four-year term (…) and that he had every intention of serving him.
But President Trump still seems to have gotten what he wanted, namely a rate cut.
Trump has long insisted that lowering rates would help the US economy to grow even faster … as it was preparing to attempt to be reelected in 2020.
Lee Seung-jae, Arirang News.
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