Powell says there's no 'rulebook' for trade war, pledges to 'act as appropriate' to sustain economy

Updated: Aug 24, 2019

August 23, 2019

Federal Reserve Chairman Jerome Powell repeated his pledge Friday to keep the economic expansion going while acknowledging that tariffs and other factors are causing growth to slow. Less than an hour after the speech, President Donald Trump blasted Powell on Twitter, referring to him as “our enemy.”

Powell, while not saying specifically where he thought rates should go, promised that the Fed “will act as appropriate to sustain the expansion,” a phrase he has used several times in the recent past.

Powell also said in his annual remarks at the central bank’s Jackson Hole symposium that the “economy is close to both goals” of the Fed’s dual mandate of full employment and price stability.