Powell Says 'Time Has Come' for Fed to Cut Interest Rates

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.