2024-08-24 15:50:35
The president of the Federal Reserve Board (FDR) of the United States, Jerome Powell, signaled today that the financial institution is about to start lowering its main interest rates, reported CNB.
“The time has come to change the (monetary – note ed.) policy”. This was stated by Powell in his long-awaited address to the participants of the annual meeting of central bankers from around the world in Jackson Hole, Wyoming.
“The direction of movement is clear. The timing and pace of lowering interest rates will depend on the incoming data, on the changing (economic – ed.) perspectives, as well as on the balanced assessment of risks,” noted the president of the Federal Reserve Board of the USA.
He did not specifically indicate when and by how much the interest rates will be reduced, but emphasized the weakening of the rate of price growth, writes BTA.
“Inflation has come down significantly,” Powell noted.
Inflation has consistently fallen to the Fed’s annual target of 2 percent, according to CNBC. To achieve it, the US central bank undertook a series of hikes in its interest rates to a range of 5.25 – 5.50 percent, their highest level in more than 23 years.