Reading yesterday from a prepared text, Jerome Powell, head of the Federal Reserve, noted that: ‘’inflation has been running below the FOMC’s symmetric 2 per cent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and outlook. There is a risk that weak inflation will be ever more persistent than we currently anticipate’’. He believes that business investment had slowed down ‘notably’ but reminded that the Fed would ‘act as appropriate’ to maintain economic expansion.
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