Jerome H. Powell, chair of the Federal Reserve, waits to begin a Senate Banking Committee hearing in Washington. The Federal Reserve on Wednesday suggested it would not raise interest rates in 2019, a dramatic about-face that indicated the central bank’s worries about the economy are intensifying. “Growth is slowing somewhat more than expected,” Fed Chair Jerome H. Powell said at a news conference. The Fed pulled back from its plan to raise interest rates as Europe and China deteriorated economically and U.S. consumers and businesses showed worrying signs of lower spending. While the Fed is predicting significantly slower growth in 2019, Powell indicated there was little worry about a recession.

Source: Washington Post March 20, 2019 18:06 UTC