In a highly anticipated speech, US Federal Reserve Chair Jerome Powell has painted a cautious economic outlook, signalling a potential shift in monetary policy.
He described the US labour market as being in a 'curious kind of balance,' with signs of weakening, while also noting that tariffs are pushing up consumer prices.
Powell's comments suggest that the Fed may need to adjust its 'restrictive' stance, with a potential quarter-point rate cut on the table if labour market weakness continues.
His remarks have a direct and significant impact on global financial markets, including those in the UK.
The Bank of England closely monitors the actions and signals from the Fed, as US economic health and monetary policy decisions can influence the value of the pound, investor confidence, and inflation rates in the UK.
The speech highlights the interconnected nature of the global economy and the challenges faced by central banks in managing inflation and economic growth.
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