No Interest Rate Relief for Retailers

American retailers looking for lower interest rates to ease their currency woes might just get what they want — eventually. But it won’t be an easy wait. Tourist spending has dried up for many brands this year as the dollar strengthened and travelers found their euros and yuan didn’t go as far in the U.S. Lower interest rates in the U.S. would help, but the Federal Reserve held steady on Wednesday, keeping the key benchmark rate in the 2.25 percent and 2.5 percent range. But policy makers left the door open for a future cut, stressing that risks to the economy have increased as U.S.-China trade talks faltered and other global concerns grew. The interest rate watching game sets up a scenario where brands wanting lower rates are inadvertently rooting for a weaker economy, since the Fed has traditionally reduced the price of borrowing money to help spur on sagging growth. “In the weeks since our last meeting the cross currents have reemerged,” Fed chairman Jerome Powell told reporters in Washington. “Growth indicators from around the world have disappointed on net, raising concerns about the strength of the global economy. Apparent progress on trade turned to greater uncertainty. The question is whether these uncertainties will

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