Fed Chair Powell: September interest rate cut could be ‘on the table’ as inflation cools

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Fed Chair Powell: September interest rate cut could be ‘on the table’ as inflation cools - Business Mirror

Quick Summary:

WASHINGTON—Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy.

The government will issue the latest jobs numbers on Friday, and economists forecast that it will say employers added 175,000 jobs in July, while the unemployment rate remained 4.1 percent.

Still, the Fed kept its key interest rate unchanged at a 23-year high of 5.3 percent, despite calls from some economists and Democratic politicians to implement a cut Wednesday.