It’s very unusual for the Fed chairman to telegraph moves in monetary policy so clearly at Jackson Hole. Typically, the Fed chair prefers to preserve a bit of optionality by hinting about what it is to come rather than directly stating that a rate change will take place at the next Fed meeting.Can’t put it off another daySince the minutes of the July meeting already showed thaton interest rates at the September meeting, Powell may have felt that there was no harm in being this direct.
but he was careful to note that the rise in unemployment hasn’t been driven by the large-scale layoffs that typically herald a recession. In Powell’s view, the upcoming round of rate cuts is less about responding to a crisis and more about returning to a more normal monetary policy stance. Powell himself acknowledged the delicate balance the Fed must strike. The labor market has cooled, but it remains fundamentally strong, with unemployment rising only modestly and not as a result of mass layoffs.The Fed’s dual mandate—to foster maximum employment and stable prices—requires a balanced approach. Rushing into rate cuts could upset that balance.
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