Fed Chair Jerome Powell signals "time has come" for interest rate cuts
Federal Reserve Chair Powell, speaking at a conference in Jackson Hole, Wyoming, said the timing and pace of rate cuts will depend on economic data.
https://www.cbsnews.com/news/fed-meeting-jackson-hole-jerome-powell-rate-cut/
Federal Reserve Chair Jerome Powell hinted at upcoming rate cuts to support the economy due to weakening labor market conditions and progress in fighting high inflation. Powell's speech at the Jackson Hole conference emphasized the Fed's commitment to maintaining economic growth by adjusting monetary policy based on incoming data. Economists predict a rate reduction at the Fed's September meeting, with the current federal funds rate at its highest level in 23 years. These adjustments aim to prevent a recession by ensuring borrowing costs remain low for consumers and businesses.