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Fed Chair Powell says there was ‘not much support’ for cutting rates on Wednesday

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Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a press conference following the Federal Open Market Committee meeting in Washington, D.C., May 1, 2019.

Anna Moneymaker | Bloomberg | Getty Images

Federal Reserve Chairman Jerome Powell said the case for a rate cut at central bank’s Wednesday meeting is not strong enough.

“There was not much support for cutting rates now, at this meeting,” Powell said Wednesday at a press conference following the Fed’s decision to hold interest rates steady. 

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