New video uploaded: Fed Chairman Powell hints at upcoming rate cuts in Jackson Hole remarks
Transcript
return
Transcript
Fed Chairman Powell hints at future rate cuts in Jackson Hole remarks
Federal Reserve Chairman Jerome H. Powell has signaled that he will begin cutting interest rates in September but has declined to say how much.
It is time to adjust policy. The direction to go is clear, and the timing and pace of rate cuts will depend on forthcoming data, the evolving outlook, and the balance of risks. As we move further toward price stability, we will do everything in our power to support a strong labor market. Currently, the labor market has cooled considerably from its previous overheated state. The unemployment rate began to rise more than a year ago and is currently at 4.3%. While this is still historically low, it is almost a percentage point above its early 2023 level. Upside risks to inflation have decreased; and downside risks to employment have increased. After a pause earlier this year, progress toward the 2% target has resumed. My confidence that inflation is on a sustainable path to 2% is increasing. So let me conclude by emphasizing that the pandemic economy has proven to be different from any other economy, and there is still much to learn from this extraordinary period.
Recent business stories
See more business videos
Source link