Speaking last month in Jackson Hole, Jay Powell was explicit about what he considered the Federal Reserve’s mission as the US economy emerged from a gruelling inflation shock. “We will do everything we can to support a strong labour market as we make further progress towards price stability,

The Fed chairman is set to begin lowering interest rates this week, perhaps by half a percentage point, as inflation fears fade.

CNN International Business Correspondent Richard Quest says the US Federal Reserve is probably “behind the curve” with its newest interest rate cut. The US Federal Reserve has cut interest rates for the first time in four years.