Fed rapidly losing its street cred

Fed rapidly losing its street cred
Jerome Powell, chairman of the Federal Reserve, confounded expectationsGetty

The US is feeling the pinch of the escalating trade war with China, but constant rate cuts won’t serve the greater economy

Last Tuesday evening, the chair of the US Federal Reserve, Jerome Powell, opened the door to potential rate cuts at the Fed’s June 19 meeting.

Powell noted that the Fed was paying attention to recent developments involving trade negotiations and, as always, would act appropriately to sustain the US expansion with a strong labour market and inflation near the 2 per cent target.

Only six months ago, the consensus among analysts and investors was that the...

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