Federal Reserve Chair Jerome Powell all but proclaimed mission accomplished in the fight against inflation and signaled that interest rate cuts are coming in a much-anticipated speech Friday in Jackson Hole, Wyoming.
FILE - A bank of television screens on the floor of the New York Stock Exchange, shows Federal Reserve Chairman Jerome Powell, July 31, 2024. – Federal Reserve Chair Jerome Powell all but proclaimed victory in the fight against inflation and signaled that interest rate cuts are coming in a
He noted that inflation, according to the Fed's preferred gauge, had fallen to 2.5% last from a peak of 7.1% two years ago. Measured by the better known consumer price index, inflation has dropped from a peak 9.1% in mid-2022 to 2.9% last month. Both are edging closer to the Fed's 2% target. Higher rates contributed to progress against inflation, as did the easing of supply chain bottlenecks and worker shortages that caused shipping delays and higher prices as the economy bounded back with unexpected strength from COVID-19 lockdowns.Powell suggested Friday that rate cuts are all but inevitable."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,” 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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