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Opening statement from Powell: - US econ.......>

FED
FED: Opening statement from Powell: 
- US econ outlook is favourable; for rate decision, specifically cites global
factors and aim at boosting inflation to 2% symmetric goal
- Rate cut is insuring against downside risks. Says the economy grew at a steady
pace in H1, with broad job gains
- It's important to sustain the expansion 'for those left behind'
- FOMC members' estimate of neutral rate is now lower, justifies case for a
lower rate path. Cites manufacturing and fixed investment weakness, Eurozone and
Chinese economic disappointments. Trade disputes appear to have eased to a
'simmer'
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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