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Federal Reserve Chair Jerome Powell spoke at the Jackson Hole Economic Symposium on Friday.
During the speech, he signaled that rate cuts could be coming.
Powell said, “The time has come for policy to adjust.”
Employment and inflation data have depicted an evolving situation in the U.S. economy, indicating that “the time has come for policy to adjust,” says Federal Reserve Chair Jerome Powell.
Speaking at the central bank’s annual Jackson Hole Economic Symposium, Powell gave the green light to change the institution’s monetary policy stance. He stopped short of announcing the timing and pace of interest rate cuts, reiterating that the Fed will be data-dependent.
“The time has come for policy to adjust,” Powell stated. “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 Fed chief offered reasons for altering policy: Inflation has eased, the job market is “no longer overheated,” and the global supply chain has “normalized.”
GOP Rep Thomas Massie reacted to the news by saying, “Just in time for the election.”
Just in time for the election. 🧐
END THE FED to stop this meddling! https://t.co/mqgESICfEB
— Thomas Massie (@RepThomasMassie) August 23, 2024