Fed's Powell at Jackson Hole: "The time has come" for rate cuts

Federal Reserve chair Jerome Powell said Friday that the central bank is poised to cut interest rates, adding that policymakers do not want to see the job market cool any further.

Why it matters: In a much-anticipated speech in Jackson Hole, Wyoming, Powell said the Fed's fight to reduce inflation has largely succeeded and it now is attuned to risks of a faltering job market — setting up a rate cut in mid-September.

What they're saying: "The time has come for policy to adjust," Powell said at the Kansas City Fed's annual economic symposium in the Grand Tetons.