At a divided Federal Reserve, policymakers pushing for lower interest rates look close to getting their way after Chair Jerome Powell on Friday opened the door to a cut in September.
The debate over what happens after that is likely to begin even before the Federal Open Market Committee meets Sept. 16-17 in Washington. And there’s no guarantee that more cuts will follow any time soon.
In what was likely Powell’s last speech at the US central bank’s annual gathering in Jackson Hole, Wyoming, the Fed chief pointed to mounting risks to the labor market.
“The shifting balance of risks,” Powell said, “may warrant adjusting our policy stance.”
That long-awaited signal for an approaching cut came amid unrelenting pressure from the White House for lower borrowing costs. President Donald Trump dismissed Powell’s remarks as “too late,” but financial markets rallied, causing stocks to surge and Treasury yields to drop.
Former Kansas City Fed President, Esther George, discusses whether or not when the Federal Reserve decides to cut rates will it risk Fed credibility. She also talks about Fed Chairman Jerome Powell’s speech at Jackson Hole, and how President Trump’s tariffs will impact inflation. Esther George speaks with Tyler Kendall and Michael Shepard on the late edition of Bloomberg’s “Balance of Power.”
After more than 40 years at the Federal Reserve, including her tenure as President of the Kansas City Fed, Esther George is one of the most experienced voices on U.S. monetary policy and economic leadership. Drawing on decades inside the central bank, she brings clarity, balance, and real-world perspective to conversations about how the Federal Reserve works, how decisions are made, and what they mean for businesses and communities.
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