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Federal Reserve Vice Chair for Supervision Randal Quarles speaks at the Bipartisan Policy Center in Washington, D.C. on Thursday.
Quarles’ remarks come after Fed Chair Jerome Powell testified that “crosscurrents” from lingering trade fears and weaker economic data overseas are dampening the U.S. economy’s outlook moving forward. Powell’s testimony increased expectations that the Fed will cut rates later this month.
Stocks rose to record highs on the prospects of easier monetary policy, with the Dow Jones Industrial Average breaking above 27,000 for the first time ever on Thursday.
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Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, October 18, 2018.
Brendan McDermid | Reuters