Fed chairman doesn't deflate hopes for rate cut

The Federal Reserve could cut interest rates later this month in an effort to offset slowing global growth and uncertainty created by the ongoing US-China trade dispute, Fed Chairman Jerome Powell said on Thursday.

Testifying before the Senate Banking Committee in Washington, Powell again stated the Fed's intention to "act as appropriate to sustain the expansion" - a statement many investors see as an indication of a rate cut ahead.

"The bottom line is the economy is in a very good place, and we want to use our tools to keep it there," Powell said, often repeating points he made on Wednesday before the House Financial Services Committee as part of his biannual testimony to Congress.