The Federal Reserve sent a clear signal of a change of course from the Federal Reserve during Jerome Powell’s much-anticipated speech at the Jackson Hall Economic Symposium in Wyoming. Mr Powell’s very modest and optimistic stance pleased Wall Street, immediately extending the gains that all indices were recording.

“The time has come for policy to be readjusted,” Mr Powell announced but avoided being particularly analytical about the timing or scope of monetary easing.

“The direction of travel is clear and the timing and pace of rate cuts will depend on incoming data, the changing outlook, and the balance of risks,” he explained.