Jackson Hole, Wyoming | Federal Reserve chairman Jerome Powell on Friday (Saturday AEST) endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank’s 2 per cent target.

“The time has come for policy to adjust,” Powell said in a highly anticipated speech to the Federal Reserve Bank of Kansas City’s annual economic conference. “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.”

Reuters