Jay Powell has signalled he is ready to cut US interest rates in September, as he warned that “downside risks” to the labour market had increased.
“The time has come for policy to adjust,” the Federal Reserve chair said in a hotly anticipated speech in Jackson Hole, Wyoming, on Friday. “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.”
US Treasuries rallied and the dollar fell as investors bet on larger Fed rate cuts this year.
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