{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"A Big Mess Brewing - Al Caceido #4594","description":"U.S. Federal Reserve Chair Jerome Powell and Federal Reserve Bank of Boston President Eric Rosengren attend a presentation by the East Hartford CONNects, a Working Cities Challenge initiative, and community residents project at Silver Lane Elementary School in East Hartford, Connecticut, U.S., Federal Reserve Chairman Jerome Powell said Monday night that the current level of interest rates should sustain the economic expansion in the United States, signaling that no more rate cuts are likely at the moment. At a speech in Providence, R.I., Powell said the central bank\u2019s three consecutive rate cuts this year have left interest rates at a level \u201clikely to remain appropriate.\u201d The target federal funds rate is now in the range of 1.50% to 1.75%. \u201cAt this point in the long expansion, I see the glass as much more than half full,\u201d Powell said in Providence. His speech wrapped up a day of meetings in East Hartford, Connecticut, where Powell toured the local community\u2019s workforce development initiatives. Powell said that while he saw monetary policy as \u201cwell positioned,\u201d he reiterated that policymakers are not on a \u201cpreset course\u201d and said the Fed\u2019s path on rates could change if there were a \u201cmaterial reassessment\u201d of economic conditions. Powell\u2019s commentary echoes his remarks to Congress less than two weeks ago, when he told lawmakers that \u201cthere\u2019s no reason\u201d why the economic expansion, now the longest in American history, can\u2019t continue. His testimony similarly described interest rate levels as \u201clikely to remain appropriate.\u201d Powell continued to point to tepid inflationary pressures, weakening global growth, and trade developments as risks that the central bank hoped to hedge against by cutting rates by a total of 75 basis points this year. \u2018Far from dull\u2019 But Powell noted that the full effects of those cuts have not been realized yet, adding to the argument that the Fed should pause on further rate cuts while it assesses the effects of its easing. \u201cThe full effects of these monetary policy actions will be felt over time, but we believe they are already helping to support consumer and business sentiment and boosting spending in interest-sensitive sectors, such as housing and consumer durable goods,\u201d Powell said. Looking back on 2019, Powell acknowledged that monetary policy decisions have been \u201cfar from dull.\u201d During the year, the Fed shifted from a commitment to gradual rate hikes, to a pause on interest rate changes, and then to easing policy.  But through those changes, Powell said the \u201cfavorable\u201d outlook from policymakers has not changed much. Powell said the Fed\u2019s pivot to easing helped \u201ckeep the favorable outlook on track.\u201d Powell said letting the economy run has benefited low- and middle- income households, which have seen more rapid wage growth relative to other income groups. Powell said extending the economic expansion will ultimately bolster the \u201chalf full\u201d view of the U.S. economy. ","author_name":"Kerry Lutz's--Financial Survival Network","author_url":"https:\/\/FinancialSurvivalNetwork.com","html":"