Fed's Barkin says policymakers are monitoring impact of last rate cut
By Jason Lange WHITE SULPHUR SPRINGS, W.V. (Reuters) - The U.S
By Jason Lange
WHITE SULPHUR SPRINGS, W.V. (Reuters) - The U.S. Federal Reserve is monitoring the impact of its move last month to cut interest rates, with the domestic economy looking strong despite a fall in investment and weakness overseas, a Fed policymaker said on Wednesday.
"The national economy appears great," Richmond Federal Reserve President Thomas Barkin said in prepared remarks.
"International economies are weaker, though, and uncertainty - particularly around trade - is elevated," he said, adding that business investment dropped in the April-June period.
Barkin did not say whether he supported further reductions in interest rates, which is a request U.S. President Donald Trump is regularly making of the independent central bank.
The Fed was divided this month over what to do with interest rates, with several policymakers opposed to cutting rates while a couple favored lowering them more aggressively than the 25 basis point reduction ultimately ordered, according to minutes of the Fed's last policy meeting.
Barkin does not have a vote on monetary policy this year but he participates in the Fed's policy discussions. He described July's interest rate cut as a "mid-cycle reduction" aimed at providing a little insurance for continued growth in the economy and a strong labor market.
"We are monitoring its impact," he said.
(Reporting by Jason Lange in White Sulphur Springs, West Virginia; Editing by Chizu Nomiyama)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.