Federal Reserve Chair Jay Powell painted a dark picture this afternoon of the risks facing the U.S. economy due to President Donald Trump’s trade war. But Powell also made clear the Fed isn’t about to step in with a rate cut quite yet.
Powell addressed the Economic Club of Chicago as the Trump administration’s trade war enters its third week. Markets, already down for the day, slumped further as Powell spoke. The tech-heavy Nasdaq composite lost more than 3% today.
