Fed Rate Cut Looming as Jerome Powell Prepares Major Speech [Video]

The Federal Reserve is expected to cut its benchmark interest rate in September as inflation nears the central bank’s 2 percent target, the Associated Press reports, citing officials from the Fed.

While inflation in the U.S. may finally be coming under control, concern is now growing around rising unemployment rates as employers slow down hiring. Following an interest rate cut from its current 23-year high, subsequent cuts would be determined mainly by whether employers keep hiring.

Fed Chair Jerome Powell is expected to provide hints about the Fed’s view of the economy during a speech at the annual conference of central bankers on Friday in Jackson Hole, Wyoming.

A lower Fed benchmark rate would mean buyers seeking car loans, mortgages …