Federal Reserve Chief Powell: 'The Time Has Come' To Start Cutting Interest Rates
HuffPost
With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high.
JACKSON HOLE, Wyoming (AP) — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday.
Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it meets in mid-September.
“The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming. “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.”
His reference to multiple rate cuts was the only hint that a series of reductions is likely, as economists have forecast. Powell emphasized that inflation, after the worst price spike in four decades inflicted pain on millions of households, appears largely under control:
“My confidence has grown,” he said, “that inflation is on a sustainable path back to 2%.”
"If you're going to buy somebody something that comes in pairs, like shoes or socks, give that person both of them," advised the niece of the president-elect.
Despite his best efforts, the former GOP representative has failed to outrun the congressional investigation into his alleged crimes.
Republicans who oppose Trump's Cabinet nominees could find themselves with a lump of coal — or a primary challenger — in the next Congress.
“Anybody who wants to give me heat for doing my job, bring it on,” said John Curtis, who was elected to replace the Trump critic in the upper chamber.
The president’s season’s greetings were greeted with contempt by conservatives for the silliest reason.
The former congressman knocked the "sad" NBC show following the comedian's name-drop.
Bill Hagerty claimed the billionaire's social media takes led to his office being "inundated with calls."
The Bulwark's Tim Miller wrote that the election-denying conspiracy theorist made a "SCENE" at a Turning Point USA conference afterparty.
A sheriff in rural, coastal Oregon says he's concerned about letters asking residents to collect information on immigrants.
Trump also talked about the TikTok ban and Robert F. Kennedy Jr. leading the health department.
Following a 5-month absence from the House, Granger's family confirmed she was dealing with dementia.