Powell: “the time has come for Fed policy to adjust”. Odds of a 50 basis point interest rate cut at the September Fed meeting rise to 23%.

*FED’S POWELL:

‘THE TIME HAS COME FOR POLICY TO ADJUST’

MY CONFIDENCE HAS GROWN THAT INFLATION IS ON PATH TO 2%

COOLING IN LABOR MARKET CONDITIONS IS ‘UNMISTAKABLE’

TIMING, PACE OF CUTS TO DEPEND ON DATA, OUTLOOK, RISKS

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