WASHINGTON (AP) — Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are
FILE - A bank of television screens on the floor of the New York Stock Exchange, shows Federal Reserve Chairman Jerome Powell, July 31, 2024. WASHINGTON — Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech Friday in Jackson Hole, Wyoming.
Powell sounded confident that the Fed would achieve a so-called soft landing — containing inflation without causing a recession. “There is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market,” he said. They weren’t alone in their optimism. “The good ship Transitory was a crowded one,” Powell said, ”with most mainstream analysts and advanced-economy central bankers on board.”
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