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Federal Reserve Chairman Jerome Powell spoke at the Jackson Hole Economic Symposium on Friday.
During his speech, he hinted at the possibility of interest rate cuts.
“The time has come to adjust policy,” Powell said.
The employment and inflation data point to a changing picture in the U.S. economy and suggest that “it is time to adjust policy,” Federal Reserve Chairman Jerome Powell said.
Powell gave the green light to change the central bank’s monetary policy stance while speaking at the bank’s annual Jackson Hole Economic Symposium. He did not announce the timing or pace of rate cuts, reiterating that the Fed is data-driven.
“The time has come to adjust policy,” Powell said. “The direction to move is clear, and the timing and pace of rate cuts will depend on upcoming data, the evolving outlook, and the balance of risks.”
The Fed chairman cited moderating inflation, a labor market that is “no longer overheated” and global supply chains that have “normalized” as reasons for the policy change.
Republican Rep. Thomas Massie responded to the news, saying it came “just in time for the election.”
Just in time for the election.
Abolish the Fed to stop this interference! https://t.co/mqgESICfEB
— Thomas Massie (@RepThomasMassie) August 23, 2024
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