Federal Reserve Chairperson Jerome Powell has signaled his strongest interest rate cut yet, saying he intends to take action to avert further weakness in the U.S. labor market. "We do not seek or welcome further cooling in labor market conditions," Powell said on Friday. "Now is the time to adjust policy." The Fed is widely expected to cut interest rates at its September meeting. Powell's remarks on Friday all but capped the Fed's historic anti-inflation campaign, which came on the same stage two years ago when Powell said he was willing to accept a recession as the price of lower inflation. Powell's attitude this time was far less ambiguous than in his press conference after the last meeting. At the time, Mr. Powell said the Fed needed more data to be confident that inflation was coming down, and Friday's speech suggested he now had the data.