Fed Chair Jerome Powell will face his most serious test in the job yet when he speaks Friday at the annual economic powwow in Jackson Hole, Wyoming. He is facing political pressure from Trump, and expectations from many investors, to deliver more rate cuts
Powell will need to assure markets — which appear to have already assumed another rate cut will come in September — that the Fed will do whatever it can to support the economy amid growing fears of a US slowdown. At the same time, he can't overpromise and risk further turmoil. "He has to be careful," said Nathan Sheets, chief economist at PGIM Fixed Income and a former Treasury Department official in the Obama administration.
Their formal mission is to strike a balance: to keep the job market humming, without overheating the economy and causing inflation. It's the chair's job to steer the group. "The most important thing for Powell is he's not the dictator of the Fed," said Brian Rose, senior American economist at UBS Global Wealth Management.
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