Fed Chief: we will assess implications of the rate decisions on economy

The US Federal Reserve Chairman, Jerome Powell, said that the Fed will not change its current monetary policy stance in the near-term, as long as the US economic growth continues near its objective.

Powell said the Fed's decision to cut rates for three times this year, the latest in October, provides insurance for the economy.

He elaborated in his testimony hearing before the US congress joint committee that the Federal Reserve will put the current interest rates on hold and will assess their implications for the US economy.

The Fed Chief stressed that the current economic growth outlook is moderate, the labor market is strong, and inflation near the Fed's objective of 2%.

Bear in mind that yesterday, President Donald Trump renewed his criticism of the Federal Reserve and accused it for putting the US economy at a competitive disadvantage by cutting the interest rates at a very slow pace.