Summary
Federal Reserve Chair Jerome Powell suggested the possibility of lowering interest rates due to concerns about the job market and inflation. President Donald Trump, speaking separately, continued to pressure the Federal Reserve for rate cuts. The stock market rose after Powell's remarks.
Key Facts
- Jerome Powell, the Federal Reserve Chair, talked about possibly lowering interest rates.
- Powell cited risks of rising unemployment and high inflation as reasons for potential rate cuts.
- The Fed will carefully assess jobs and inflation data before deciding on rate changes.
- The stock market increased, with the S&P 500 index rising by 1.4% following Powell's speech.
- President Trump has been urging Powell to cut rates and criticized him publicly.
- Trump mentioned wanting to fire a Federal Reserve Governor over alleged misconduct.
- The Federal Reserve is traditionally independent from politics.
- Powell spoke at a major economic event in Jackson Hole, Wyoming.
