While Fed chair Jay Powell refuses to reveal when the first US interest rate cut is coming, or how many are imminent, the financial markets cheer the prospect of cheaper borrowing costs ahead.
The pound has hit its highest level against the US dollar since March 2022 after the chair of the Federal Reserve declared that 'the time has come' for an interest rate cut. Jay Powell's remarks to the US central bank's annual economic conference at Jackson Hole, Wyoming, did not specify when rate cuts would begin or how large they might be.
But text of his comments, released in advance by the Bank, showed that he was more confident that the second round effects were smaller than had been expected. Mr Powell said that the US jobs market was 'no longer overheated'. The purpose of interest rate increases is to choke demand - helping price growth ease as a consequence. Higher interest rates are generally supportive of a domestic currency.
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