PROVIDENCE: Monetary policy is"well positioned" to support the strong labor market, which is just now starting to benefit workers on the margins, Federal Reserve Chair Jerome Powell said Monday.
Powell said Fed officials have a favorable outlook for the U.S. economy founded on strong consumer spending, which is bolstered by a robust job market, increasing incomes and solid consumer confidence. Fed officials cut interest rates in October for the third time this year, bringing their target rate to a range of 1.5per cent to 1.75per cent. Powell and other policymakers hinted after the reduction that rates were likely to stay put for the foreseeable future, barring a deterioration to the economic outlook.
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