The Federal Reserve is about to embark on a path of rate cuts, with the timing and pace of easing to depend, in part, on the economic data, Fed Chair Jerome Powell said Friday.
"The time has come for policy to adjust. The direction of travel is clear," Powell said in a speech to the central bank's summer retreat in Jackson Hole.
"The timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks," he said.
The Fed has been saying for months that it would not cut rates until it had confidence that inflation was on a sustainable downward path.
In his remarks, Powell said: "My confidence has grown that inflation is on a sustainable path back to 2%"
