Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent.
"The time has come for policy to adjust," the central bank leader said in his much-awaited keynote address at the Fed's annual retreat in Jackson Hole, Wyoming.
"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."
The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic," Powell said.
He vowed that "we will do everything we can" to make sure the labor market says strong and progress on inflation continues.
Persons:
Jerome Powell, Jackson, Powell, Stocks, Paul McCulley
Organizations:
Traders
Locations:
Jackson Hole , Wyoming