Fed chairman hails progress in battle to bring down inflation, with reduced rates ready in September
“The time has come” for the US Federal Reserve to cut interest rates, its chairman has declared, hailing progress in battle to bring down inflation from its highest level in a generation.
With price growth now on a “sustainable” path back to normal levels, Jerome Powell expressed confidence that there is “good reason” to believe inflation can retreat further without damaging the world’s largest economy – if the Fed now lowers rates.
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