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Last month, U.S.
Federal Reserve Chair Jerome Powell woke up, put on his glasses, a gray suit,
a mauve tie, and he stepped up to a podium in Jackson Hole, Wyoming.
Thank you, Karen, and thanks to our hosts from the Kansas City Fed.
It's great to be back here today.
Powell was there to deliver an important speech.
And in it, he declared victory over inflation.
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 evolving outlook, and the balance of risks.
Now, what my colleague Rob Armstrong tells me is that this moment,
Powell saying that the time had come for policy to adjust, was a big deal.
So the emphasis of the central bank is shifting.