Summary
U.S. central bankers see a "sustained expansion" ahead for the country's economy, with the full impact of recent interest rate cuts still to be felt and low unemployment boosting household spending, Federal Reserve Chair Jerome Powell said Wednesday in remarks that brushed aside any worries of a looming slowdown.
"The baseline outlook remains favorable," Powell said in remarks prepared for delivery to the Joint Economic Committee of Congress, a panel that includes some members from the House of Representatives and Senate.
His comments tracked closely to those in his news conference last month after the Fed cut rates for the third time this year and signaled the central bank was likely done reducing borrowing costs absent a significant change in the economic outlook.
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