US economy facing potential slowdown amid 'heightened uncertainty', says Fed chair

The US economy faces a potential slowdown in consumer spending amid "heightened uncertainty about the economic outlook" among businesses, the Federal Reserve chair, Jerome Powell, said on Friday. The central bank chief said the Fed will be in no rush to cut interest rates while it waits for more clarity on how the policies of the new Trump administration affect the economy. "The new administration is in the process of implementing significant policy changes in four distinct areas: trade, immigration, fiscal policy and regulation," Powell said in remarks prepared for delivery at a University of Chicago Booth School of Business…