August 23, 2024

JACKSON HOLE, Wyoming — Federal Reserve Chair Jerome Powell on Friday offered good news for the economy: The long fight against inflation is ending, and he’s hopeful that the U.S. will avoid recession.

In remarks at the central bank’s annual conference that are drawing international attention, Powell said “the time has come” for the Fed to cut interest rates, as his confidence has grown that inflation is tamed. His goal now: safeguarding the job market amid signs that it is slowing.

“We will do everything we can to support a strong labor market as we make further progress toward price stability,” he said at the Fed’s annual retreat at Jackson Hole.

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