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Fed to cut rates for first time in a decade this month - poll

Video credit: Reuters Studio
Published on July 25, 2019 - Duration: 01:06s

Fed to cut rates for first time in a decade this month - poll

A quarter-point Federal Reserve interest rate cut in July is almost a done deal, according to economists in a Reuters poll.

David Pollard reports.

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Fed to cut rates for first time in a decade this month - poll

(SOUNDBITE) (English) FEDERAL RESERVE CHAIRMAN JEROME POWELL, SAYING: ".... Uncertainties around global growth and trade continue to weigh on the outlook.

In addition, inflation continues to be muted and those things are still in place." He appears convinced of the need for it .... Jerome Powell's recent words just one in a series of hints from Fed officials.

And economists appear convinced a rate cut will happen - according to a new Reuters poll.

Almost unanimously: over 95 per cent of 111 respondents see a 25 basis cut to a 2 to 2.25 per cent range When the US central bank meets next Tuesday and Wednesday .

Just two predict a 50 basis points hike - two others no cut.

Some ask why - when US unemployment is at its lowest in half a century - and Wall Street at a record high.

Others answer with the words 'US/China trade tensions'.

They've forced most central banks to turn dovish.

And for the US, are one factor reducing the growth outlook from 3.1 per cent in Q1 to an expected sub two per cent figure in Q2.

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