Fed Chair Powell indicates interest rate cuts ahead

Federal Reserve Chair Jerome Powell indicated potential interest rate cuts ahead but did not specify the timing or extent during his keynote speech at the Fed’s annual Jackson Hole retreat.

Powell emphasized that the direction for rate cuts is clear, but the pace will depend on incoming data and economic conditions.

He highlighted progress in reducing inflation and stressed that the Fed will now focus on maintaining full employment alongside controlling inflation.

Powell’s remarks were seen as a signal that the Fed’s aggressive rate hikes since March 2022 have successfully addressed inflation, allowing for a possible shift in policy, CNBC has reported.

read more: https://www.cnbc.com/2024/08/23/fed-chair-powell-indicates-interest-rate-cuts-ahead-the-time-has-come-for-policy-to-adjust.html

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