Jerome Powell: Trade wars weighing on economy, no word on cuts

Fed Chair Jay Powell said in a closely watched speech Friday that the central bank is ready to support economic growth but "stopped short of signaling the start of a more aggressive easing campaign," the Wall Street Journal reports.

Why it matters: Worries of an economic downturn have increased in recent weeks, and Powell warned that "trade policy uncertainty" is a driving factor for the market's fears. President Trump has stepped up his calls for the Fed to do more to stimulate the economy — going so far as to tweet just minutes before Powell's speech — even though interest rates are already near historic lows.