Federal Reserve Chair Jerome Powell delivered his annual address Friday morning at the central bank’s annual symposium in Jackson Hole, Wyoming.
He indicated that conditions ‘may warrant’ interest rate cuts as the Fed proceeds ‘carefully.’
Markets have been looking to Powell to provide strong hints about a September interest rate cut.
For their part, the chair and other officials have been cautious about easing monetary policy with the impact of tariffs on inflation still unclear.
At the same time, the Fed has recently found itself embroiled in several nonpolicy controversies. White House officials have criticized the Fed for a massive renovation project at its Washington, D.C., headquarters, and President Donald Trump and others have called on Governor Lisa Cook to resign amid allegations that she committed mortgage fraud. Cook has said she will not be “bullied” into resigning.
Read more:Fed Chair Powell set to deliver big Jackson Hole speech Friday. Here’s what Wall Street expectsKansas City Fed’s Schmid shows hesitation about widely expected September rate cutDivided Fed worried about tariffs, inflation and the labor market, minutes showWho will Trump pick for Fed chair? Hear from all the candidates in their own wordsTrump to nominate economic advisor Stephen Miran to be new Fed governor, replacing Kugler
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