"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.
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The GBP/USD pair flirted with the 1.2300 figure late Friday, ending the week with substantial gains around 1.2280, backed by Brexit hopes and the dollar’s broad weakness.
Mr. Powell warned against assuming that this was the beginning of a rate cutting cycle. “That is not what we are seeing now, that’s not our perspective now.’ He noted that the Fed has gradually moved to a more accommodative policy this year from a rate increase last December to a pause for several months and then to this cut. The dangers that the Fed sees facing the American economy are not homegrown but are global and trade factors from the China dispute and Brexit to the worldwide slowdown in growth.
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