"The time has come for policy to adjust," the central bank leader said in his keynote address at the Fed's annual retreat in Jackson Hole, Wyoming. A likely interest rate cut is expected, which could offer relief for Americans facing high interest charges.
"If you are a consumer, now is the time to say: 'What does my spending look like? Where would my money grow the most and what options do I have?'" said Leslie Tayne, emphasizing the need for consumers to prepare for expected changes in interest rates.
"From a consumer perspective, it's important to note that lower interest rates will be a gradual process," said Ted Rossman, pointing out that the decline in rates will be slower compared to the rapid hikes experienced in the previous years.
"If the Fed cuts rates in September, as expected, it would mark the first time officials lowered its benchmark in more than four years," highlighting the significance of this potential policy shift.
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