A custodian cleans an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Aug. 26, 2024, in Tokyo. – Asian stocks were mixed Monday after U.S. stocks rallied close to their records on the expectation the Federal Reserve will start“The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.
Japan’s benchmark Nikkei 225 slipped 1.1% in morning trading to 37,944.68 due to the stronger currency. Powell’s speech marked a sharp turnaround for the Fed after it began hiking rates two years ago as inflation spiraled to its worst levels in generations. The Fed’s goal was to make it so expensive for U.S. households and companies to
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