Fed Chairman Jerome Powell announced a rate cut in September to support a strong labor market.

From Investing.com: 2024-08-23 15:33:00

Fed Chairman Jerome Powell announced a significant policy change during a speech today, stating that “the time has come” for adjustments. Previously, the Fed had been patient in waiting for improvement in inflation and job market data. However, a recent report revealed an 818,000 job overestimation this year, causing concern. Powell indicated that the Fed will cut rates on September 18th and hinted at further cuts in the future, emphasizing the importance of supporting a strong labor market. This decision comes as inflation is nearing the Fed’s objective, signaling a new direction for the central bank.



Read more at Investing.com: A Rate Cut in September? ‘The Time Has Come’ Says Powell