Speaking last month in Jackson Hole, Jay Powell was explicit about what he considered the Federal Reserve’s mission as the US economy emerged from a gruelling inflation shock.
“We will do everything we can to support a strong labour market as we make further progress towards price stability,” the chair said at the foothills of Wyoming’s Teton Range.
On Wednesday, Powell delivered, lowering the Fed’s benchmark interest rate by a bumper half-point cut to 4.75-5 per cent, kicking off the central bank’s first easing cycle in more than four years.
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