Summary of what Jerome Powell, Chair of the Federal Reserve said:
It’s time to adjust the Fed's monetary policy (lower the rate).
▪️ We will do everything possible to support a strong labor market.
▪️ The timing and pace of rate cuts depend on macroeconomic data and the balance of risks.
▪️ Inflation is steadily moving towards the 2% target.
▪️ We have made significant progress in achieving price stability without causing a sharp rise in unemployment.
My Opinion: Buckle up guys, it's COMMING.
DETAILED version of the key points:
FED CHAIR POWELL: "The time has come for policy to adjust."
"We do not seek or welcome further cooling in labor market conditions."
"We will do everything we can to support a strong labor market as we make further progress toward price stability."
"The policy rate level gives us ample room to respond to risks, including any unwelcome further weakening in the labor market."
"The timing and pace of rate cuts will depend on data, the outlook, and the balance of risks."
