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Powell, chairman of the Federal Reserve, said at the Jackson Hole Global Central Bank Annual Economic Policy Symposium held in Wyoming on the 23rd that the time has come for the Federal Reserve to cut interest rates.

Powell said in his speech that high inflation is a global phenomenon that reflects people's common experience. The Federal Reserve has performed its duties fearlessly, and its actions have demonstrated its determination to restore price stability. Since July 2023, the Federal Reserve has kept the federal funds rate at a restricted level. At present, the upside risks to inflation have weakened.

Powell said that the time for policy adjustment has come and the policy direction has been clear. The timing and pace of rate cuts will depend on the upcoming data, the changing outlook and the balance of risks.

Powell said that as emphasized in the statement after the last monetary policy meeting, the Federal Reserve is concerned about the two-way risks of its dual mission. At present, the downside risks to employment have increased. The Federal Reserve will do its utmost to support a strong labor market while further achieving price stability.

After Powell's speech, the three major U.S. stock indexes rose collectively during the session. The Wall Street Journal said that Powell's speech "almost put an end to the Fed's historic anti-inflation campaign," which is the strongest signal of a rate cut so far. His speech also echoed economists' warnings that the weakness in the labor market will pose a major threat.

Bloomberg reported that although Powell did not reveal when to start cutting interest rates or the extent of the cuts, most Fed officials are expected to announce a rate cut at the September monetary policy meeting. Currently, the federal funds rate is between 5.25% and 5.5%. Market traders generally predict that the Fed will cut the federal funds rate target range by 25 basis points in September.

The Jackson Hole Global Central Bank Annual Economic Policy Seminar is regarded by the outside world as an important stage for central banks to transmit monetary policy signals, and attracts the "heads" and economists of many central banks to attend every year. The theme of this year's annual meeting is "Reassessing the effectiveness and transmission of monetary policy."