Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
In remarks from Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell said that the board plans to lower interest rates soon, the first drop since early in the pandemic. The Federal Reserve meets in September and could drop rates then. Powell said on Friday that 'the time has come for the policy to adjust.'The federal interest rate has climbed to a 23-year high and has remained there since last August.
“Inflation has declined significantly, the labor market is no longer overheated and conditions are less tight than those that prevailed before the pandemic,' Powell said. 'Our objective has been to restore price stability while maintaining a strong labor market, avoiding the sharp increases in unemployment that characterized earlier disinflationary episodes.
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