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U.S. trade policy and its impact on corporate investment, manufacturing and exports is a major factor in the Fed's rate cuts, Federal Reserve Chairman Powell said Wednesday.
But the Fed also hinted in the statement that it does not intend to continue to cut interest rates in the short term. In a press conference after the Fed cut interest rates, Powell explained that trade issues also had an important impact on its interest rate decisions.
"Weak global economic growth and trade drag on the economy," Powell said, explaining why he cut interest rates. But he added, "we also see that the risks to the economic outlook may be moving in a positive direction, but that remains to be seen."
In response to questions from reporters, he said that the "main risks" monitored by the Federal Reserve are the slowdown of global economic growth and the trend of trade policy, adding that he mainly refers to the trade situation.
Powell said he and other Fed officials are optimistic that the United States and China will sign a preliminary agreement to allow a 16 month truce in the trade war.
"The United States may sign a first phase trade agreement with China, which, if signed and entered into force, could ease trade tensions and reduce uncertainty," Powell said. "This will boost business confidence and possibly economic activity for some time to come."

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