Powell: the U.S. economy remains resilient

the Chairman of the Federal reserve system (the fed, the Central Bank of the country), the U.S. Powell is optimistic about the prospects of the US economy, as he said in a speech in Congress, reports Reuters.

At the same time, Powell said the negative impact of the outbreak of the coronavirus in China and concerns about economic growth in the long term.

the Growth of the U.S. economy, which continues for 11 years, is the longest since the beginning of counting such statistics.

In his speech, Powell noted that in the second half of 2019, the economy has remained robust for any “global headwinds that intensified last summer”, but it was supported by the high economic activity and a strengthening labor market.

Powell’s Statement echoes the official report of the Federal reserve, which was previously sent to Congress. The document stressed that to maintain economic growth the country needs to keep interest rates ranging between 1.50 percent and 1.75 percent.

Powell made clear that at the moment sees no reason to adjust interest rates in the US, if new developments do not lead to a “significant revaluation” of current perspectives.

However, he added that the fed is closely monitoring the spread of the coronavirus , because it can lead to disruptions in trade with China, and it spread to the rest of the world economy.