On Wednesday, Federal Reserve suggested that it would not increase interest in 2019, a dramatic complete change in the decision that suggested the central bank’s fret about the economy are intensifying
Fed Chairman Jerome Powell said, “growth is slowing somewhat more than expected, while the U.S. economy showed little evidence of a slowdown in 2018, the limited data we have so far this year has been somewhat more mixed.”
The Fed cut its growth forecasts to 2.1 percent for this year and 1.9 percent in 2020, significantly below the White House predictions of 3.2 percent this year and 3.1 percent next.
The estimation this year as per fed is that the economy would grow 2.3 percent and two more rate hikes would be necessary to keep the economy from overheating.
Powell added, “The U.S. economy is in a good place, and we will continue to use our monetary policy tools to keep it there.”
Read EquityPandit’s Technical Analysis of Indian Stock Market