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Federal Reserve Chairman Jerome Powell delivered the keynote address Tuesday at the National Association for Business Economics conference in Philadelphia.
Markets are looking to Chairman Powell for direction on the central bank’s interest rate policy this year and beyond. The speech, delivered two weeks before the next Federal Open Market Committee meeting, is expected to be Powell’s last remarks until then.
In recent comments, Chairman Powell has emphasized the risks to both of the Fed’s goals of full employment and low inflation. He noted that although the unemployment rate remains low, job creation is below the level that would keep the unemployment rate stable. He also said that while inflation remains above the Fed’s 2% target, it is likely to fall after a temporary boost from tariffs.
Traders expect the Fed to cut rates at both its October and December meetings, but the path from there is unclear.
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