Fed Chair Powell Signals Confidence in Inflation Control, Hints at Rate Cuts
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Federal Reserve Chair Jerome Powell expressed confidence in the central bank’s progress in reducing inflation, suggesting that rate cuts may be on the horizon. Speaking at the Jackson Hole economic symposium, Powell emphasized the Fed’s commitment to achieving its 2% inflation target while maintaining a strong labor market.

At Jackson Hole, Jerome Powell highlighted the significant progress made in lowering inflation, which has fallen from a peak of 9.1% in mid-2022 to 2.9% last month. He insisted that the Fed’s restrictive monetary policy has been instrumental in balancing supply and demand, easing inflationary pressures, and ensuring that inflation expectations remain anchored. 

Powell hinted that policy changes were surely on the way when he said:

Despite this progress, Powell cautioned that future rate cuts will depend on evolving economic conditions and the ongoing assessment of risks. Looking back, Powell admitted that the Fed initially underestimated the persistence of inflation, which he says was exacerbated by pandemic-related supply chain disruptions and shifts in consumer demand.

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