"The time has come for policy to adjust," he said, amid a rise in the unemployment rate and other signs of a cooling economy.
While the subject of fierce debate on Wall Street, the difference between a quarter- or half-point cut likely won't be felt much by most Americans.
The Fed could also cut rates on Nov. 7, just two days after the U.S. presidential election.
The full effects of a rate cut take years to ripple across the economy. The 30-year mortgage rate has been falling, however, and Powell's commentary could cause them to drop further sooner rather than later.
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