🇺🇸 SUMMARY OF FED CHAIR POWELL'S REMARKS (23rd August, 2024):
1. "The time has come for Fed policy to adjust"
2. Fed "will do everything" to support a strong labor market
3. Fed does not welcome further weakening of the labor market
4. Confidence has grown that inflation is heading to 2%
5. Balance of risks to Fed mandates has changed
6. Inflation has declined significantly toward the goal
The Fed pivot is officially here.
US Market was up sharply on this news and now less than 1% away from new all time highs. 🇺🇸
The Fed pivot that markets have been wanting for a year now is officially here.