Federal Reserve chairman Jerome Powell signaled that he's increasingly confident inflation will soon be tamed, and that he and his colleagues will soon cut interest rates to avoid hurting the job market.
Federal Reserve chairman Jerome Powell signaled that he and his colleagues will soon be ready to start cutting interest rates, as inflation cools and unemployment inches up.
Speaking at one of the most closely-watched annual gatherings of global central bankers in Jackson Hole, Wyo., Powell noted that inflation has cooled significantly since hitting a four-decade high in 2022. Investors cheered the chairman's remarks. The Dow Jones Industrial Average jumped more than 300 points while the broader S&P 500 index rose about 1%.
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