Charting the Global Economy: Powell Pivots to September Rate Cut
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Chair Jerome Powell said the time has come for the Federal Reserve to cut its key policy rate, affirming expectations that officials will begin lowering borrowing costs next month and making clear his intention to prevent further cooling in the labor market.
“The time has come for policy to adjust,” Powell said Friday at the Kansas City’s Fed’s annual conference in Jackson Hole, Wyoming. He acknowledged recent progress on inflation and an “unmistakable” slowdown in the labor market.