WASHINGTON — Federal Reserve Chairman Jerome Powell said Friday that the Fed is not expecting a U.S. or global recession. But it is monitoring a number of uncertainties, including trade conflicts, and will “act as appropriate to sustain the expansion.”

Powell gave an upbeat view of the U.S. economy during an appearance with Swiss National Bank Chairman Thomas Jordan in Switzerland. Powell says that trade policy is causing “some uncertainty” but that the U.S. consumer is in good shape.

“I would not see a recession as the most likely outcome for the United States or the global economy,” Powell said.

Powell was speaking at a conference sponsored by the Swiss Institute of International Studies at the University of Zurich in Switzerland.

Financial markets were eager to see whether Powell would provide any more clues about what the Fed will do at its next meeting on Sept. 17-18.

Markets believe there is a near certainty that the Fed will cut rates for a second time at the September meeting with many private economists expecting at least one more rate cut after that.

DETROIT — The Trump administration on Friday launched an all-out assault on California over mileage rules, opening an antitrust investigation and telling state officials that they appear to be violating federal law in a deal with four automakers setting tougher automotive emission standards.The outcome of the emissions fight will make or break an effort by President Donald Trump to relax Obama-era mileage standards nationwide. California's congressionally granted authority to set its own, tougher emissions standards under the 1970 Clean Air Act has long prodded automakers to adopt more fuel-efficient passenger vehicles.Ford and Honda confirmed receiving a letter from the U.S. Justice Department informing them of an antitrust inquiry into a July deal with California, in which the two automakers along with Volkswagen and BMW agreed to stricter emissions standards than preferred by Trump. The Department of Transportation and the Environmental Protection Agency sent a letter to California saying the deal appears to violate the Clean Air Act and other laws.