Fed's Powell Declares 'Time Has Come' for Rate Cuts

Federal Reserve Chair Jerome Powell gave his strongest signal yet that interest-rate cuts are coming soon, saying the central bank intends to act to stave off a further weakening of the U.S. labor market. From a report: "We do not seek or welcome further cooling in labor market conditions," Powell said in prepared remarks for a speech at the central bank's annual gathering in the Grand Teton National Park on Friday. "The time has come for policy to adjust." Fed officials' next policy meeting is