Powell refutes claim that September rate cut is related to U.S. election
Odaily Odaily reported that U.S. Congressman Mike Lawler asked Powell at a hearing on Wednesday: "Will a rate cut in September (currently investors believe the probability is about 70%) be seen as a political act to try to change the campaign landscape before the November 5 election?" Powell refuted the above statement, saying that the Federal Reserve will make interest rate decisions "when necessary." "Our commitment is to make decisions when necessary based on data, upcoming data, changing prospects and risk balance, rather than considering other factors, including political factors. We have always done this, including in election years... Everything we do will be based on evidence. For us, it is inappropriate to consider the election cycle (when making interest rate decisions) anyway."