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Jerome Powell arrives for a dinner during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, on Aug. 21. — Jerome Powell arrives for a dinner during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, on Aug. 21.
Photographer: David Paul Morris/Bloomberg

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By Michael MacKenzie, Ye Xie, and Greg Ritchie

August 24, 2025 at 3:00 PM UTC

Updated on

August 25, 2025 at 10:16 AM UTC

Jerome Powell sent the US bond market up on Friday by telegraphing his Federal Reserve will resume reducing interest rates as soon as next month.

Beyond September, it’s up to the economy how much further he cuts — and how much more Treasuries can rally.