Federal Reserve Chair Jerome Powell announced the likelihood of imminent interest rate cuts, citing a slowdown in the labor market and progress in controlling inflation as key reasons for the policy shift. In his speech at the Jackson Hole Economic Symposium, Powell emphasized that the 'time has come for policy to adjust,' signaling a departure from the aggressive rate hikes implemented since March 2022. Wall Street responded favorably to the news, with stocks rallying on the expectation of a rate cut at the Fed's September meeting. Speculation has increased regarding a potential 0.25 to 0.5 percentage point reduction. This shift comes as inflation rates have fallen significantly, nearing the Fed's 2% target, while unemployment has risen, raising concerns about economic recession. Former Treasury Secretary Lawrence Summers also supported the move but advised caution for long-term monetary policy.