US Bureau of Labor Statistics reports

Fed Chair Powell Signals September Interest Rate Cuts

Aug 23, 2024, 02:07 PM

Federal Reserve Chair Jerome Powell announced at the Jackson Hole Symposium that the time has come for the Federal Reserve to adjust its monetary policy by cutting interest rates, possibly starting in September. Powell emphasized that the direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving economic outlook, and the balance of risks. He expressed confidence that inflation is on a sustainable path back to 2% and stated that the Federal Reserve does not seek further cooling in the labor market. Powell reiterated the Fed's commitment to supporting a strong labor market while making progress toward price stability.