Powell signals rate cut plans

Federal Reserve Chair Jerome Powell on Friday signaled plans for rate cuts.

“The time has come for policy to adjust,” Powell said in his keynote address at the Fed’s annual economic conference 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.”

Powell further said that his "confidence has grown ... that inflation is on a sustainable path back to 2%."

Read more from The Associated Press.