The U.S. Federal Reserve decided on Wednesday to hold interest rates steady and indicated that no more hikes will be coming this year.
The decision by the U.S. Federal Reserve to stop raising interest rates — possibly for the rest of the year — does not mark a U-turn in American monetary policy, said Jacob Frenkel, chairman of J.P. Morgan Chase International.
U.S. stocks initially rallied as traders welcomed the Fed's easier monetary stance, which typically supports stock prices. But share subsequently tumbled as investors grew increasingly wary of the central bank's cautious economic projections. The outlook for the U.S. economy took a turn at the end of last year, according to Frenkel. Then, additional uncertainties emerged in the form of slower-than-expected recovery in Europe, global trade tensions and heightened geopolitical risks.
"What I worry most is Europe. Europe is not only Brexit. There is a common element to Brexit, to the yellow vests in France ... they're all long-term" effects of globalization, he said."We did not make sure that the benefits are shared by all. It laid the foundations for populism."
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