ISTANBUL, Aug 23 (Bernama-Anadolu) -- In highly anticipated remarks, US Federal Reserve Chair Jerome Powell on Friday signalled a forthcoming interest rate cut, stating that the "time has come" for an adjustment in monetary policy.
"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," Powell said at the annual Jackson Hole symposium in the US state of Wyoming, reported Anadolu Agency (AA).
"We will do everything we can to support a strong labour market as we make further progress toward price stability. With an appropriate reduction in policy restraint, there is good reason to believe that the economy can return to 2 per cent inflation while maintaining a strong labour market," he added.
Powell expressed growing confidence that inflation is on a sustainable path back to 2 per cent, and added that the Federal Open Market Committee (FOMC) does not seek or welcome further cooling in labour market conditions.
"Overall, the economy continues to grow at a solid pace. However, the inflation and labour market data indicate an evolving situation. The upside risks to inflation have diminished, while the downside risks to employment have increased," he explained.
-- BERNAMA-ANADOLU
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