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Powell Says 'Time Has Come' for Fed to Cut Interest Rates
News August 23, 2024 at 10:40 AM
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What You Need To Know
- At Jackson Hole, Powell affirms expectations that Fed officials will begin lowering borrowing costs next month.
- After being late to raise rates in response to an inflation surge during the Covid-19 pandemic, Powell's remarks underscore how Fed officials are hoping to avoid another policy error now that price growth is easing.
- Investors are widely anticipating a quarter-point cut when when the Federal Open Market Committee next meets Sept. 17-18.
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