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I'm Brian Brenberg and this is the Fox Business Run Down.

Friday, August 23rd, 2024, Fed Chair Jerome Powell has spoken, saying the time has come

for policy to adjust, the strongest signal so far that a rate cut is on the way.

I think for the economy it's good news.

It was, I think it's time to cut back on interest rates.

After much anticipation from Wall Street of a September rate cut, Fed Chair Jerome Powell made the announcement on Friday at the Federal

Reserve's annual Economic Summit in Jackson Hole, Wyoming. Powell has remained cautious about cutting

rates over the past several months as key interest rates sit at a 23 year high. Now

investors, home buyers and businesses have begun pricing the likelihood of a

series of rate cuts soon. The Fed kept interest rates so high with the aim of bringing inflation under control.

While Powell said at the conference that he's confident inflation is under control,

many Americans are still very concerned about its impact on their finances.

At the Democratic National Convention, Vice President Harris called out her campaign's policy plans

to tackle issues like inflation and high grocery store prices.

She even floated what she called the first

ever federal ban on price gouging. We start first with that massive rate cut

...