EDITORIAL: Powell has spoken and Bank is ready to roll
Federal Reserve chair signals start of the US interest rate cutting cycle
US Federal Reserve chair Jerome Powell gave his long-awaited blessing for the start of the US interest rate cutting cycle on Friday, telling the audience of central bankers, economists and policymakers at the annual Jackson Hole symposium that “the time has come for policy to adjust”.
The Kansas City Federal Reserve’s annual gathering in Jackson Hole, Wyoming, is where the world’s top central bankers gather to talk policy. Fed officials, and the Fed’s own most recent minutes, had already signalled that its September meeting was likely to see the first cut. But Powell’s speech was the one everyone was watching for the seal of approval from the top — and for some indication of how fast the rate cuts will come once they start...
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