The time has come for policy to adjust. The direction of travel is clear and the timing and pace of rate cuts will depend on incoming data.
The doves are in the ascendancy stateside. Powell's speech demonstrated that he is navigating the economic seas with a steady hand on the tiller after adopting an anticipated dovish tone.
Powell confirmed that the economy is growing steadily and rising inflation risks have dissipated, with the primary downside risk being isolated to the labour market.
A decision by the Fed to cut interest rates in September could have far-reaching implications for asset flows, with easing monetary policy driving investors to shift focus to higher-yielding assets.
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