Federal Reserve Chair Jerome Powell is speaking in Jackson Hole, Wyo., on Friday, where he is delivering what is expected to be his final speech at the annual gathering of central bankers, policymakers, and economists.
In his remarks, Powell opened the door to a September rate cut on Friday, saying in a speech in Jackson Hole that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
The central bank is grappling with whether to hold interest rates steady in September to counter inflation or lower rates in light of weaker labor market data. Powell stated that risks from inflation remain “tilted to the upside,” saying that tariff-related inflation pressures “are now clearly visible.”
Pressure from the Trump administration to slash rates has also ramped up in recent months, with President Trump regularly calling on Powell to ease Fed policy. Most recently, Trump called for Federal Reserve governor Lisa Cook to resign amid a controversy over two mortgage loans.
Powell also described changes to the central bank’s policy framework. As part of its average inflation targeting policy, the Fed will more closely target 2% inflation rather than inflation that averages 2% over time.
Read more on Powell’s speech here.
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