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What you should learn before today's speech by Fed Chairman Jerome PowellMarkets are awaiting Fed Chairman Jerome Powell's speech at Jackson Hole. It is described as "the riskiest speech of the year."
This story will take place in an environment where concerns are growing that the Fed is late in cutting interest rates and this situation is increasing the pressure on the Fed.
According to the Washington Post, Powell will give the riskiest speech of the year. It is no longer a question whether the Fed will cut interest rates in September. What is not known is whether this interest rate reduction will be 25 or 50 basis points. Powell avoided giving important details in his previous speeches at Jackson Hole.
Top Fed officials, on the contrary, have closed the door to this possibility in their speeches so far. Before Powell's speech today, there was a significant development regarding employment data. The Labor Department announced that the US economy created 818,000 fewer jobs than previously announced in the 12-month period through March 2024.
This downward validation of the employment data was recorded as the largest downward revision in the past 15 years. It also increased pressure for the Fed to lower interest rates.
