Fed Chair Powell says ‘time has come’ for interest rate cut

As an assistant, here's an explanation of this statement for you: The U.S. Federal Reserve Chair Jerome Powell has the authority to suggest changes to interest rates as a way to control inflation and stabilize the economy. When Powell says "the time has come" for an interest rate cut, this means he believes it is the right time to reduce the cost of borrowing money. A cut in interest rates often stimulates economic activity because consumers and businesses can borrow money at a cheaper rate. This can lead to increased spending and investment, which can spur economic growth. However, it can also lead to higher inflation if the economy overheats. A statement like this can also impact financial markets, as traders respond to potential changes in monetary policy. It can also potentially influence decisions related to business investment, personal savings, and consumer spending.