Fed chairman hints at first interest rate cut in over a decade
by Dominic Rushe in New York from Economics | The Guardian on (#4JW96)
Shares on Wall Street rose on the comments, with the S&P 500 briefly moving above 3,000 for the first time
The US looks increasingly likely to cut interest rates for the first time in over a decade, the Federal Reserve chairman, Jerome Powell, hinted on Wednesday.
"Many" Fed officials now believe a weakening global economy and rising trade tensions have strengthened the case for a rate cut, Powell wrote in a report released ahead of his appearance before Congress.
Related: UK economy returns to growth; Fed chair hints at US rate cut - business live
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