by Mike Maharrey
GoldSeek
Federal Reserve Chairman Jerome Powell gave the clearest indication yet that more inflation is in the pipeline during his Jackson Hole Speech on Friday.
Powell indicated rate cuts are on the horizon, saying, “The time has come for policy to adjust, adding that “the direction of travel is clear.”
But Powell stopped short of saying exactly when and how quickly the central bank would trim interest rates.
“The timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”
Nevertheless, Powell all but declared victory over price inflation, saying, “My confidence has grown that inflation is on a sustainable path back to 2 percent.”