Federal Reserve set to cut interest rates – but still Trump won’t be happy

Jerome Powell, the Fed chair, in Jackson Hole, Wyoming, on Friday. Photograph: Amber Baesler/AP

Stocks soared on Friday following the strongest signal yet that US the Federal Reserve is gearing up to start cutting interest rates again this fall. But how long can this celebration last?

While Wall Street cheered the biggest headline from the speech by the Fed chair, Jerome Powell, at the annual Jackson Hole symposium in Wyoming, Powell also delivered a reality check on where interest rates could settle in the longer term.