Jay Powell says ‘time has come’ for US interest rate cuts

Stay informed with free updates

Simply sign up to the US interest rates myFT Digest — delivered directly to your inbox.

Jay Powell has signalled he is ready to cut US interest rates in September, as he warned that “downside risks” to the labour market had increased.

“The time has come for policy to adjust,” the Federal Reserve chair said in a hotly anticipated speech in Jackson Hole, Wyoming, on Friday. “The direction of travel is…