the time has come for policy to adjust if you’re thinking of buying a home or a car anytime soon or you’re carrying credit card debt good news chair Jerome pal of the Federal Reserve signaled that the FED will be cutting its key interest rate next month in a speech at the Grand Teton National Park while this probably won’t lower the interest rates you’re paying anytime soon pal suggested the FED over time will Implement a series of rate cuts and over time this should reduce the interest you’re paying on credit cards auto loans and mortgages the direction of travel is clear and the timing and pace of rate Cuts will depend on incoming data the evolving Outlook and the balance of risks while the price of everything from groceries to apartment rents to gas is much higher than it was 3 years ago prices are now at least growing at a much slower rate Powell also said that the unemployment rate has risen in the past year and that he hopes by cutting rates soon the FED can keep the economy growing and businesses hiring