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U.S stocks surged following Powell’s remarks, with the S&P 500 index climbing nearly 1% and closing at 5634. In his anticipated speech at the Kansas City Fed’s annual conference in Jackson Hole, Powell stated that “the time has come for policy to adjust.”
(S&P 500 Index Daily Price Chart)
He indicated readiness to lower interest rates, citing a cooling labour market. Powell expressed confidence that the Fed would achieve a soft landing for the U.S. economy. He noted the clear slowdown in the labour market and increased downside risks to employment but emphasized that the Fed would not tolerate further deterioration.
“We do not seek or welcome further cooling in labour market conditions,” Powell said, committing to supporting a strong labour market while ensuring progress toward price stability. Markets anticipate the Fed’s policy rate to be in the 3.00%-3.25% range by the end of 2025, more than 2 percentage points below its current level.
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