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US Fed chair says 'time has come' to cut interest rates
Powell says his 'confidence has grown' that the battle against inflation is on track
US Federal Reserve Chair Jerome Powell. — Reuters file photo
Federal Reserve chair Jerome Powell said on Friday that the "time has come" for the US to start cutting interest rates, adding that his "confidence has grown" that the battle against inflation is on track.
"The time has come for policy to adjust," he said in a keynote speech at the Jackson Hole Economic Symposium in the US state of Wyoming, according to prepared remarks, adding: "The direction of travel is clear."
US stocks opened higher on Friday, as traders waited with anticipation for Powell's keynote address on the path of monetary policy.
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