Did not specify when rate cuts might begin (Il Sole 24 Ore Radiocor) - 23 Aug - Powell said the Fed's aim had been to restore price stability while maintaining a strong labor market, avoiding the sharp increases in unemployment of earlier disinflationary episodes when inflation expectations were less well anchored.

'While the task is not complete, we have made a good deal of progress toward that outcome,' he said.

Powell did not specify when he thought rate cuts might begin.

Minutes from the Fed's policy meeting of July, released earlier this week, said a 'vast majority' of officials believed a cut in September would be appropriate proving there were no data surprises.

The market is currently discounting a rate cut at the Fed's next meeting in September as a virtual certainty.

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(RADIOCOR) 23-08-24 16:37:03 (0361) 5 NNNN