--- title: Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates | TIME description: 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. canonical: https://time.com/video/SLBQTEr7/ og:title: Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates og:description: 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. og:url: https://time.com/video/SLBQTEr7/ og:image: https://cdn.jwplayer.com/v2/media/SLBQTEr7/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates twitter:description: 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. twitter:image: https://cdn.jwplayer.com/v2/media/SLBQTEr7/poster.jpg?width=720 --- * U.S. # Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates [Watch (HLS stream): Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates](https://cdn.jwplayer.com/manifests/SLBQTEr7.m3u8) (2:45)  _Published 2024-08-23. 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._ --- Aug 23, 2024 9:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Trump and Fed Chair Jerome Powell Bicker Over Cost of Building](/video/zRbkranx/) ### Trump and Fed Chair Jerome Powell Bicker Over Cost of Building [President Trump Nominates Jerome Powell for Next Fed Chair](/video/qgoHGHwZ/) ### President Trump Nominates Jerome Powell for Next Fed Chair [Donald Trump Nominates Jerome Powell for Fed Chair](/video/bnj7dcVd/) ### Donald Trump Nominates Jerome Powell for Fed Chair --- ## Transcript Overall, the economy continues to grow at a solid pace, but the inflation and labor market data show an evolving situation. The upside risks to inflation have diminished, and the downside risks to employment have increased. As we highlighted in our last FMC statement, we are attentive to the risks to both sides of our dual mandate. 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. Will do everything we can to support a strong labor market as we make further progress toward price stability. With an appropriate dialing back of policy restraint. There is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market. 4.5 years after COVID nineteen's arrival, the worst of the pandemic related economic distortions are fading. Inflation has declined significantly. The labor market is no longer overheated and conditions are now less tight than those that prevailed before the pandemic. Supply constraints have normalized, and the balance of risks to our two mandates has changed. Our objective has been to restore price stability while maintaining a strong labor market, avoiding the sharp increases in unemployment that characterized earlier disinflationary episodes when inflation expectations were less well anchored. While the task is not complete, we have made a good deal of progress toward that outcome. Our efforts to moderate aggregate demand and the anchoring of expectations have worked together to put inflation on what increasingly appears to be a sustainable path to our 2% objective. Disinflation while preserving labor market strength is only possible with anchored inflation expectations, which reflect the public's confidence that the Central Bank will bring about 2% inflation over time. The cooling in labor market conditions is unmistakable. Job gains remain solid but have slowed this year. Job vacancies have fallen, and the ratio of vacancies to unemployment has returned to its pre pandemic range. The hiring and quits rates are now below the levels that prevailed in 2018 and 919. Nominal wage gains have moderated, and all told, labor market conditions are now less tight than just before the pandemic in 2019, a year when inflation ran below 2%. It seems unlikely that the labor market will be a source of elevated inflationary pressures anytime soon. 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