Summary: Fed Chair Powell's Remarks (8/23/24)

1. Policy Adjustment:

- "The time has come for Fed policy to adjust."

- Indicates a shift in the Federal Reserve's strategy.

2. Labor Market Support:

- The Fed "will do everything" to sustain a robust labor market.

- Focuses on preventing further declines in employment.

3. Inflation Confidence:

- Growing confidence that inflation is on track to reach the 2% target.

- Inflation has significantly decreased, aligning with the Fed's objectives.

4. Changing Risk Balance:

- The balance of risks related to the Fed's mandates has shifted, signaling a new approach to economic management.

🚨 The Fed Pivot Has Arrived

- Market Reaction:

- Markets soared on this news, now less than 1% from reaching new all-time highs.

- The long-anticipated Fed pivot, awaited by markets for over a year, is now official.

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