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Fed's Powell Declares 'Time Has Come' for Rate Cuts

Federal Reserve Chair Jerome Powell gave his strongest signal yet that interest-rate cuts are coming soon, saying the central bank intends to act to stave off a further weakening of the U.S. labor market. From a report: "We do not seek or welcome further cooling in labor market conditions," Powell s...

Federal Reserve Chair Jerome Powell gave his strongest signal yet that interest-rate cuts are coming soon, saying the central bank intends to act to stave off a further weakening of the U.S. labor market. From a report:"We do not seek or welcome further cooling in labor market conditions," Powell said in prepared remarks for a speech at the central bank's annual gathering in the Grand Teton National Park on Friday. Two days later, the Labor Department reported that unemployment rose to its highest rate in nearly three years.

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