The Fed may need to cut rates at its next meeting due to growing risks to the economy, including some “unusual” behavior in the job market that could become a cause for concern, Fed Chair Jerome Powell said Friday.

In his final speech at the Federal Reserve’s summer retreat, Chairman Jerome Powell said the changing economic landscape likely will bring lower interest rates.

By Howard Schneider WASHINGTON (Reuters) -Fed Chair Jerome Powell used the central bank's annual Wyoming research conference to promise inflation-fighting rigor when it was needed in 2022, then last year he came to the defense of the job market with promises of lower interest rates when the unemployment rate seemed on a steady rise.

(Reuters) -Rate-sensitive stocks rallied on Friday after U.S. Federal Reserve Chair Jerome Powell hinted that an interest-rate cut could be on the table in September, citing a shifting balance of risks.