POWELL AT JACKSON HOLE: 'THE TIME HAS COME' FOR THE FED TO SOON BEGIN REDUCING INTEREST RATES

JACKSON HOLE, Wyoming (AP) — With inflation nearly defeated and the job market cooling, the Federal Reserve is prepared to start cutting its key interest rate from its current 23-year high, Chair Jerome Powell said Friday. Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it mee…