Powell Turns Dovish in Jackson Hole, Triggering Dollar Plunge
Federal Reserve Chair Jerome Powell provided a clear signal that the central bank will soon resume cutting interest rates in a speech at the Jackson Hole Economic Symposium this morning. “The balance of risks appears to be shifting,” Powell said at the central bank’s annual gathering in the Grand Teton National Park this morning, “In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside—a challenging situation”. “Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance”. In his last appearance...