Powell: 'Time has come' for Fed to start reducing interest rates

JACKSON HOLE, Wyoming (AP) — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday.

Watch live: Jerome Powell speaks in Jackson Hole

Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it meets in mid-September.