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July 18, 2018

Fed: Rate hike plan ‘running smoothly'

  • Fed Chair Jerome Powell cited trade and fiscal policy, including last year's big tax cut, as among the uncertainties that could alter the forecast.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — Federal Reserve Chairman Jerome Powell told lawmakers Tuesday that strong economic growth will keep the central bank on a path to gradually raise interest rates. But he noted that President Donald Trump's get-tough trade policies run the risk of dampening future growth if they lead to permanently higher tariffs.

    Delivering his twice-a-year report on monetary policy to Congress, Powell gave an upbeat assessment of the economy's prospects. He said the economy's performance has enabled the Fed to dial back the “extra boost” it began implementing a decade ago to help the lift the economy out of the Great Recession.


     
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