Addressing the muchawaited Jackson Hole Symposium on Friday, Powell said that "the time has come for policy to adjust" but stopped short of giving a hint on the quantum of interest rate cut.
"The time has come for policy to adjust. 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," Powell said.
Faced with high inflation during the Covid-19 pandemic, the US monetary policy committee, as part of its commitment to restoring price stability, raised the policy rate by 425 basis points in 2022 and another 100 basis points in 2023. It held the policy rate at its current restrictive level since July 2023.For much of the past three years, inflation ran well above Fed's 2 percent goal, and labor market conditions were extremely tight.
This story is from the August 25, 2024 edition of The Sunday Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 25, 2024 edition of The Sunday Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
FM chairs 55th GST Council meeting in Jaisalmer
Union Finance Minister Nirmala Sitharaman is chairing the 55th meeting of the Goods and Services Tax (GST) Council which is underway in Jaisalmer of Rajasthan on Saturday.
Power supply companies continue to remain a burden on state finances
Electricity distribution companies (DISCOMs) continue to weigh heavily on State finances, stated a report by the Reserve Bank of India (RBI).
Vanguard announces new technology office in Hyderabad
Vanguard today announced plans to establish a new office in Hyderabad, India.
Adani plans Rs 20,000 crore thermal power plant
The Adani Group has reaffirmed its commitment to Bihar's development and announced investments in various sectors including infrastructure, smart metering and cement in addition to its investment in gas distribution, logistics and agri-logistics.
LT FOODS LAUNCHES NON-GMO DAAWAT JASMINE THAI RICE IN INDIA
LT Foods, an Indian-origin global FMCG Company in the consumer food space, has launched a Non-Genetically Modified Organism (Non-GMO) Certified global gourmet food 'DAAWAT Jasmine Thai Rice' for Indian consumers.
Maruti unveils India's 1st electric SUV eVITARA
Maruti Suzuki India Limited (MSIL), India's largest passenger vehicle manufacturer, is set to revolutionize electric mobility with its first eBorn electric SUV, the e VITARA.
GREENFIELD PROJECTS TO GRAB Rs 1.5 LAKH CR INVESTMENTS
India's 12 green field projects under the National Industrial Corridor Development Project will create employment opportunities for 9.4 lakh individuals says a year-end release by the Department of Promotion of Industry and Internal Trade.
Xpertnest's $1 million investment fuels BharatEarns
Odisha-origin entrepreneur Arun Kar, now a British innovator, has achieved global recognition for his company Xpertnest.
Delhi's perennial air crisis: Time for sustainable solution
Severe and \"Hazardous\" two words that flashed across everyone's thoughts, in conversations about North India's air quality.
SALZER ELECTRONICS: DRIVING GROWTH
Salzer Electronics Limited was established in the year 1985 in Coimbatore, Tamil Nadu and is today a prominent Indian manufacturer specializing in electrical solutions including switchgear products, wires and cables, and energy management systems.