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Dow soars 800 points on the news to record high.
The left will accuse Powell of caving to the President.
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Federal Reserve Chair Jerome Powell on Aug. 22 opened the door to a September interest rate cut despite a recent inflation rise, asserting that “downside risks to employment are rising.”
Although inflation is still “somewhat elevated,” he added, “At the same time, the balance of risks appears to be shifting,” Powell said in a speech he delivered at the Fed’s annual conference in Jackson Hole, Wyoming. Separately, Powell also announced a reversal of a 5-year-old policy shift that could keep interest rates somewhat higher over the long term.
The left will accuse Powell of caving to the President.
----------------------------------
Federal Reserve Chair Jerome Powell on Aug. 22 opened the door to a September interest rate cut despite a recent inflation rise, asserting that “downside risks to employment are rising.”
Although inflation is still “somewhat elevated,” he added, “At the same time, the balance of risks appears to be shifting,” Powell said in a speech he delivered at the Fed’s annual conference in Jackson Hole, Wyoming. Separately, Powell also announced a reversal of a 5-year-old policy shift that could keep interest rates somewhat higher over the long term.
Fed's Powell signals likely September interest rate cut, citing 'downside risks' to jobs
Federal Reserve Chair Jerome Powell signaled a likely interest rate cut in September, noting "downside risks" to employment.
www.usatoday.com