Powell stresses message that US job market is cooling, a possible signal of coming rate cut
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Federal Reserve Chair Jerome Powell reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it’s likely to begin cutting interest rates soon. Powell told the House Financial Services Committee that the Fed has an employment mandate in addition to its inflation mandate. The US job market has been cooling, with the lowest three-month hiring pace since January 2021. Powell indicated that the Fed likely wouldn't wait until inflation reached its 2% target before cutting rates. Most economists expect the first rate cut to occur in September.

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https://apnews.com/article/federal-reserve-inflation-powell-interest-rates-economy-e4b649e8c38f757300bc0fa01cee74c2