USA to preserve economic expansion


Gold hit its high for the session and turned lower late in the session after Federal Reserve chief Jerome Powell said the central bank would "act as appropriate" to sustain an economic expansion that has been pressured by uncertainty over global trade.

"We need the Federal Reserve really to lower interest rates", Navarro said.

The chairman's comments - the last before Fed officials meet at their next meeting in Washington on September 17-18 - was widely seen as a signal that policymakers are likely to cut again.

Stocks traded modestly higher as Powell discussed the state of the global economy and domestic monetary policy, with the its 11th year of a history-setting expansion.

Jerome Powell, Chairman of the Federal Reserve, has been one of the key luminaries to shed light on cryptocurrencies in 2019.

"Absolutely not", Powell said.

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Trump selected Powell, a former private equity executive, to serve as Fed Chair to succeed Janet Yellen back in 2017.

During the hour-long question and answer session, Powell avoided the term "mid-cycle adjustment, " a phrase from his July press conference that whipsawed markets and caused debate among analysts at the time because it suggested limited cuts.

"The main reason we are going to see gold remaining supportive is the stimulus from the Fed and China's central bank is going to keep coming".

That data "bodes well for another solid reading that will again betray the fact the United States economy is further from recession than real and anticipated Fed policy moves would suggest", Neil Wilson, chief market analyst for, said in a morning note.

Powell said he's unclear how the current regulatory system will be able to protect the public from all the risks that come from cryptocurrency. "Where did I find this guy Jerome", the president said via Twitter. Meanwhile, financial markets are betting Fed policymakers will agree to split the difference and follow their quarter-point rate cut in July with another one later this month. 'Political factors play absolutely no role in our process.

"Central bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks - including the risk of losing the next election", Dudley wrote in a Bloomberg op-ed. "The Fed remains strongly committed to nonpolitical decision-making". The mining sector lost jobs, but there were gains in healthcare and financial services.