At the recent Jackson Hole Central Bank Symposium, Federal Reserve Chairperson Jerome Powell hinted that the priority had shifted from fighting inflation to protecting jobs, saying further cooling in the labor market would be "unwelcome". He did not use the word "gradual" to describe the pace of future rate cuts, which some investors see as opening the door to rapid rate cuts. Traders now expect the Fed to cut rates by a full percentage point by the end of the year, meaning a 50 basis point cut in one of the three remaining meetings in 2024.