Powell says US job market is cooling, a possible signal for interest rate cut

Federal Reserve Board chair Jerome Powell (Susan Walsh/AP)

US Federal Reserve chair Jerome Powell has reinforced a message that the Fed is paying growing attention to a slowing job market and not only to taming inflation, a shift that signals it is likely to begin cutting interest rates soon.

“We’re not just an inflation-targeting central bank,” Mr Powell told the House Financial Services Committee on the second of two days of semi-annual testimony to Congress.