Good morning.
Friday in Whitewater will be partly cloudy with a high of 79. Sunrise is 6:11, and sunset is 7:42, for 13h 31m 18s of daytime. The moon is a waning gibbous with 79.9 percent of its visible disk illuminated.
On this day in 1775, King George III delivers his Proclamation of Rebellion to the Court of St James’s stating that the American colonies have proceeded to a state of open and avowed rebellion.
Jeff Cox reports Fed Chair Powell indicates interest rate cuts ahead: ‘The time has come for policy to adjust’:
Federal Reserve Chair Jerome Powell laid the groundwork Friday for interest rate cuts ahead, though he declined to provide exact indications on timing or extent.
“The time has come for policy to adjust,” the central bank leader said in his much-awaited keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming. “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.”
Watch live: Fed Chair Jerome Powell speaks from Jackson Hole conference
With markets awaiting direction on where monetary policy is headed, Powell focused as much on a look back at what caused the inflation that led to an aggressive series of 13 rate hikes from March 2022 through July 2023.
However, he did note the progress on inflation and said the Fed can now turn its focus equally to other side of its dual mandate, namely to make sure the economy stays around full employment.
“Inflation has declined significantly. The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic,” Powell said. “Supply constraints have normalized. And the balance of the risks to our two mandates has changed.”
Good news, all around.
COVID-19 vaccines are updated and approved ahead of fall season: