Rice: US economy remain "engine of growth"

US Secretary of State Condoleezza Rice says the US economy is resilient and will remain an "engine of growth." Rice was speaking at the World Economic Forum in Davos, Switzerland.

Her remarks came after two days of slumping markets worldwide and the surprise announcement by the US Federal Reserve that it lowered its benchmark interest rate before a planned meeting next week.

Condoleezza Rice, US Secretary of State, said, "The US economy is resilient, its structure sound, and its long-term economic fundamentals are healthy. The US continues to work on foreign investment and free trade, and our economy will remain a leading engine of global economic growth. So we should have confidence in the underlying strength of the global economy and act with confidence on the basis of the principles that lead to success in today's world."