US economy facing potential slowdown amid ‘heightened uncertainty’, says Fed chair

Federal Reserve head Jerome Powell said it was in no rush to cut interest rate as government overhauls key policies

The US economy faces a potential slowdown in consumer spending amid heightened uncertainty about the economic outlook" among businesses, the Federal Reserve chair, Jerome Powell, said on Friday.

The central bank chief said the Fed will be in no rush to cut interest rates while it waits for more clarity on how the policies of the new Trump administration affect the economy.