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The US Federal Reserve makes a major dovish turn! Powell hints at an upcoming interest rate cut: 'It's time to adjust policy.'
He explicitly pointed out that interest rate cuts are the future policy direction, with the reason being increasingly confident in inflation continuing to drop to the 2% target, while the Fed is not seeking nor welcoming a further cooling of the job market. He stated that the upside risks to inflation have weakened, while the downside risks to employment have increased. The policy direction has already been clarified, and the timing and pace of interest rate cuts will depend on subsequent data, changes in outlook, and risk balance.
Full Text of Powell Jackson Hole Speech: It's Time for Policy Adjustments
① Powell clearly stated in his speech that it is time to adjust policies; ② The chairman of the Federal Reserve said that the timing and speed of interest rate cuts will depend on future data, changing outlooks, and balancing risks.
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Powell's heavyweight speech is coming tonight! Goldman Sachs: The market is looking forward to these surprises.
① On the evening of August 23, Peking time, Federal Reserve Chairman Powell will deliver a keynote speech at the Jackson Hole Symposium. ② According to Goldman Sachs, compared to the scare Powell brought to the market two years ago, this time Powell is more likely to bring a surprise to the market.
On the eve of the Jackson Hole meeting, Federal Reserve officials are sounding dovish, expressing strong support for an early rate cut.
Officials still emphasize the health of the US labor market and economy, but advocate for gradually starting to reduce interest rates as soon as possible.
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Closing: US bond yields rise ahead of Powell's speech, US stocks close lower, Nasdaq falls 300 points.
In the early morning of the 23rd Beijing time, the US stock market closed lower on Thursday, with the US Treasury yield rising and the Nasdaq falling 300 points. The market is convinced that the Federal Reserve will cut interest rates in September. Investors are waiting for Powell's speech on Friday. The number of initial jobless claims in the United States last week remained flat, indicating that the labor market is gradually slowing down.
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