Fed Chairman Powell: "It's Time to Cut Interest Rates"
The head of the US central bank is growing confident that inflation will fall towards the 2% target
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"It's time to cut interest rates."
The chairman of the US Federal Reserve (Fed) Jerome Powell said this during his traditional speech on Friday in Jackson Hole, Wyoming, thus opening the door to a first rate cut at the next meeting of the institution, scheduled for September 17 and 18.
"The direction of the move is clear, and the timing and speed of the rate cut will depend on economic data, the evolution of the outlook and risks," Powell added, stressing that the Fed is not aiming for a "further cooling of the labor market."
“My confidence” that inflation will sustainably decline toward the 2% target has increased, Powell said.
The Fed has "ample room" to respond to any potential risks that may arise, the Federal Reserve chairman assured, specifying that inflation has fallen and "is now much closer to our objective."
(Unioneonline/D)
