US Fed Chair Powell hints at possible interest rate cut

US Federal Reserve Chair Jerome Powell has delivered remarks at an annual economic symposium in Jackson Hole, Wyoming. He hinted that policymakers might cut interest rates, citing growing risks to the labor market. Powell said on Friday that downside risks to employment are rising.

He pointed to the possibility of sharply higher layoffs and falling employment. He added that monetary policy is not on a preset course and that the Fed will make decisions based solely on its assessment of the data and its implications.