CNN: Fed chair testifies on economy before Senate panel

 

By Donna Borak Washington

(CNN Business)Federal Reserve Chairman Jerome Powell took the message to Congress on Tuesday that the central bank is in no rush to raise rates too quickly in 2019 despite risks facing the US economy.

In prepared testimony, Powell, the world's most powerful central banker, stuck with the Fed's previous commitments to be "patient" as it weighs future rate hikes after floating plans to raise interest rates three times or more this year. It now expects to raise rates only two times in 2019.

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