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June 21, 2021
Finance International

Fed’s Quarles says Chinese ‘downdraft’ weighs on global economic outlook

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NEW YORK (Reuters) – A “downdraft” in the Chinese economy and the effect of ongoing trade negotiations are among the top concerns in the global economy, though U.S. growth is still solid, a Federal Reserve governor said on Wednesday.

Randal Quarles, the Fed’s vice chairman for supervision, said at an event in New York that he is most focused on how global growth evolves over the next three to six months and how U.S. trade policy affects China and Europe.

“Right now China is a downdraft as we think about what the potential impact for that is on our economy.” The U.S. outlook “is still very solid” given the labour market in particular.

(Reporting by Jonathan Spicer and Trevor Hunnicutt; editing by Diane Craft)

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