Federal Reserve Chairman Jerome Powell took center stage at the annual Jackson Hole Economic Symposium in Wyoming, shedding light on the US central bank's approach to the evolving economic landscape. In his speech, Powell reiterated the Federal Reserve's willingness to adjust interest rates if necessary. “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective,” the Fed Chair noted. While recognizing the Fed's recent policy tightening, Powell stressed the importance of a proactive and dynamic response to changing inflationary pressures in the future. Addressing concerns about persistent inflation, the official pointed out that although inflation remained elevated, it had receded slightly from its peak levels. Powell also confirmed that the Federal Reserve had no immediate plans to cut the key rate this year. Yet, experts anticipate a potential rate decrease in the year ahead.
