http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a MSN - AP World Copyright © 2010-2018 The Canadian Press. All rights reserved. http://www.rssboard.org/rss-specification Fri, 06 Sep 2024 21:22:30 +0000 http://syn2.thecanadianpress.com:8080/mrss/feed/fcf7391a2f354311807f0501c16bde6a/e110731c60664e10934504442542b1a7 Federal Reserve Chairman Jerome Powell says the U.S. economy appears durable with steady growth and unemployment near a half-century low but faces risks from the broadening viral outbreak that began in China. (Feb. 11) e110731c60664e10934504442542b1a7 Tue, 11 Feb 2020 18:31:45 +0000 RESTRICTION SUMMARY: AP CLIENTS ONLYSHOTLIST:C-SPAN VIA US NETWORK POOL - AP CLIENTS ONLYWashington, DC - 11 February 20201. SOUNDBITE (English) Jerome Powell, Chairman Federal Reserve Board:"The economic expansion is well into its 11th year and it is the longest on record. Over the second half of last year, economic activity increased at a moderate pace and the labor market strengthened further as the economy appeared resilient to the global headwinds that had intensified last summer." ++WHITE FLASH++2. SOUNDBITE (English) Jerome Powell, Chairman Federal Reserve Board: "The February Monetary Policy Report discusses the recent weakness in manufacturing. Some of the uncertainties around trade have diminished recently, but risks to the outlook remain. In particular, we are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy."++WHITE FLASH++3. SOUNDBITE (English) Jerome Powell, Chairman Federal Reserve Board: "We find the U.S. economy in a very good place, performing well, we see signs of global growth bottoming out. We see reduced trade policy uncertainty overall. The background we see strong job creation, continued moderate growth. All of those things - we see all of this happens in the context of a of a good strong U.S. economy.  And into that picture comes the coronavirus."4. SOUNDBITE (English) Jerome Powell, Chairman Federal Reserve Board: ++CAMERA SHOTS CHANGES DURING SOUNDBITE++"The question for us really is what will be the effects on the U.S. economy? Will it be persistent? Will they be material? That's really the question. I think we know there will be effects on China through there's some part of the first half of the year and China's close neighbors and trade major trading partners in Europe as well as Asia. And we know that there will be some very likely be some effects on the United States. I think it's just too early to say. We have to resist the temptation to speculate on this. And so we'll be watching that carefully again. And the question we'll be asking is, will these be persistent effects that could lead to a more material reassessment of the outlook?" STORYLINE: Federal Reserve Chairman Jerome Powell says the U.S. economy appears durable with steady growth and unemployment near a half-century low but faces risks from the broadening viral outbreak that began in China.Giving the Fed's semiannual monetary report to Congress, Powell said Tuesday that the Fed is content with where interest rates are, suggesting that no further rate cuts are being contemplated unless economic conditions were to change significantly. Many analysts say the Fed could keep rates unchanged this year, although some think it will feel compelled to cut rates at least once.Powell said the Fed is monitoring developments stemming from the coronavirus, which he said "could lead to disruptions in China that spill over to the rest of the global economy."In response to lawmakers' questions, Powell said it was too early to assess the threat the virus poses to the U.S. economy but he noted that the U.S. economy "is in a very good place" with strong job creation and moderate growth.Powell said there will be effects on China through the first half of this year and likely there will be some impact on the United States, but it's too soon to say how adverse the U.S. impact will be."We will be watching that carefully. And the question we will be asking is will these be persistent effects that could lead to a material reassessment of the outlook'' in the United States, Powell told the House committee.The daily death toll in China topped 100 for the first time, pushing the number of deaths in China from the virus above 1,000.China remained mostly closed to business Tuesday with around 60 million people under virtual quarantine in the country, raising concerns about what the loss of production in China, the world's second largest economy, will do to global supply chains.On Wednesday, Powell will testify to the Senate Banking Committee.==========================================================Clients are reminded: (i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com(ii) they should check with the applicable collecting society in their Territory regarding the clearance of any sound recording or performance included within the AP Television News service (iii) they have editorial responsibility for the use of all and any content included within the AP Television News service and for libel, privacy, compliance and third party rights applicable to their Territory. Federal Reserve Chairman Jerome Powell says the U.S. economy appears durable with steady growth and unemployment near a half-century low but faces risks from the broadening viral outbreak that began in China. (Feb. 11) Fed: Economy is strong despite risk of China virus