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.
Federal Reserve Chair Jerome Powell said 'the time has come' for the central bank to adjust its monetary policy, signaling that rate cuts could soon lower borrowing costs for American consumers and businesses.Powell, who spoke at an annual conference of central bankers in Jackson Hole, Wyoming, didn't disclose specifics about when a rate cut could arrive, or its size, although economists have penciled a reduction at the Fed's September 18 meeting.
In conveying that the Fed is likely to start cutting its benchmark rate, Powell cited some weakening in the labor market, as well as progress in battling high inflation. A slowdown in hiring and an uptick in the unemployment rate last month heightened concerns the Fed could mistake in the other direction, keeping rates too high for too long, throttling growth and plunging the economy into recession.
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