Federal Reserve Gears Up for a Rate Cut—What This Means for Your Money

For the first time in more than four years, the Federal Reserve is getting ready to cut interest rates, which could impact everything from U.S. stocks to bonds to savings accounts. Speaking at the central bank’s annual Jackson Hole Economic Symposium on Aug. 23, Fed Chair Jerome Powell said at the conference of bankers, economists, and monetary policymakers that “the time has come for policy to adjust.” “Inflation has declined significantly. The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic,” Powell stated in his widely anticipated prepared remarks. “Supply constraints have normalized. And the balance of the risks to our two mandates has changed.”...