Press conference with Fed Chair Powell..........>

FED: Press conference with Fed Chair Powell begins.

- Opening comments mention 'insurance' against downside risks. Baseline outlook

remains favourable. Remarks on global risks: China, Europe, Brexit, negative

impact on U.S. exports, investment. Even so, with solid consumer, expect economy

to continue to expand at a moderate rate. Pace of job growth easing but had

expected slowdown from base effects, etc. Wages also rising.

- Fed expects labour market to remain strong. Cites SEP forecasts: Inflation

pressures clearly remain muted, but could hit expectations. But global factors

including Brexit etc have shifted the medium-term outlook for monetary policy. 

- The cut was in light of global developments, including imposition of

additional tariffs. Further cuts will depend on how economy evolves, policy not

on pre-set course, certainly the case today. Baseline remains positive. Policy

will evolve with the arrival of new information.