In what was most likely his final address as Federal Reserve chair at the annual Jackson Hole Symposium, Jerome Powell triggered a market rally with his remarks that a “shifting balance of risks may warrant adjusting our policy stance.”
The comments are a lot less dovish than the "the time has come for policy to adjust” remark that Powell made at the Symposium last year, which was followed by a big 50-basis-points rate cut in September. However, despite the “may” in this year’s remarks, the commentary was more dovish than expected as minutes from the July Fed meeting, released just a few days before the Symposium, showed that the Fed was still worried about inflation.
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