Powell Says ‘Time Has Come’ for Fed to Cut Interest Rates

August 27, 2024 by Amara Omeokwe and Jonnelle Marte

Chairman Jerome Powell said the time has come for the Federal Reserve to cut its key policy rate, affirming expectations that officials will begin lowering borrowing costs next month and making clear his intention to prevent further cooling in the labor market.

“The time has come for policy to adjust,” Powell said Friday in the text of a speech at the Kansas City’s Fed’s annual conference 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.”

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Wink’s Moore on the Market: Holy buckets.

Better get your fixed and indexed annuities NOW. -sjm

Originally Posted at Think Advisor on August 23, 2024 by Amara Omeokwe and Jonnelle Marte.