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Fed Chair Hints at Interest Rate Cuts, While Emphasizing Caution
Jerome H. Powell, the chair of the Federal Reserve, signaled that interest rate cuts may be coming during his final speech as Fed chair on Friday at an annual conference hosted by the Reserve Bank of Kansas City in Jackson, Wyo.
Labor market remains near maximum employment and inflation, though still somewhat elevated, has come down a great deal from its post-pandemic highs. At the same time, the balance of risks appears to be shifting. Our policy rate is now 100 basis points closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.
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