Fed’s Powell: Not committing to ‘just one’ rate cut

Traders look on as a screen shows Federal Reserve Chairman Jerome Powell's news conference after the US Federal Reserve interest rates announcement on the floor of the New York Stock Exchange. (Reuters)

Federal Reserve Chairman Jerome Powell on Wednesday said the US central bank is not committed to a single cut in the benchmark interest rate, nor is it launching a series new of cuts to boost the economy.

“Let me be clear. I said it’s not the beginning of a long series of rate cuts. I didn’t say it’s just one or anything like that,” Powell said following the first cut in more than a decade.

Many economists expect at least one more rate cut this year. Powell said the move on Wednesday was to “insure” the economy against global uncertainties.

Shortly after 1900 GMT, the Dow Jones Industrial Average was about one percent lower, paring losses seen earlier.

Last Update: 19:34 KSA 22:34 - GMT 19:34