US Federal Reserve Chairman Ben Bernanke says the central bank's stimulus program will remain in place, in spite of expectations the Fed would begin tapering its spending. It's hoped the move will help boost economic recovery.
The American economy expanded by 4.1 percent in the second quarter, as consumers continued their spending spree and exporters rushed to beat retaliatory tariffs. President Donald Trump hailed the "great GDP numbers."
The US Federal Reserve says US business owners are already scaling back investment plans on the back of concerns over the escalating trade conflict with China. Nonetheless, the US economy is in good shape, it says.
The US Federal Reserve has raised its key lending rate by another quarter-point — the second time in 2018, and aimed at staying ahead of growing inflation amid strong growth and robust employment.
The US central bank has raised interest rates by a quarter-point at its first policy meeting under Chairman Jay Powell and signaled more hikes are coming in response to tax cuts and higher government spending.
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