‘Time has come’ for US Federal Reserve to cut interest rates, says Powell

Fed chairman hails progress in battle to bring down inflation, with rate cuts starting from September

The time has come" for the US Federal Reserve to cut interest rates, its chairman declared, hailing progress in the battle to bring down inflation from its highest level in a generation.

With price growth now on a sustainable" path back to normal levels, Jerome Powell signaled that the central bank was ready to start reducing rates from next month.