The U.S. economy is scheduled to continue on its path of growth and expansion according to a statement made earlier today by Fed Chief Jerome Powell.
Powell said today that, “The U.S. economy is now in the 11th year of this expansion, and the baseline outlook remains favorable”. He went onto say that “The unemployment rate was 3.6 percent in October—near a half-century low” and “The improvement in the jobs market in recent years has benefited a wide range of individuals and communities”.
Although the economy is in great shape and projected to continue growing there is some concern because the national debt recently hit the $23 trillion mark. The federal budget deficit also hit the $984 billion mark this year which is the highest it has been in 7 years.
Powell did warn that with rates being so low there would be less the Fed could do if there were an economic downturn. Powell said, “The current low-interest rate environment may limit the ability of monetary policy to support the economy”.
The Fed has cut rates 3 times this year so far and it is unlikely that they would need to make any new rate cuts in the near future.