The odds of a September rate cut jumped Friday after Federal Reserve Chair Jerome Powell struck a dovish tone in his speech at the central bank’s annual Jackson Hole Symposium.

Federal Reserve Chair Jerome Powell warned that the tariffs unleashed by U.S. President Donald Trump are pushing consumer prices higher and would continue to do so over the coming months. Powell gave the warning in his annual Jackson Hole speech on Friday,

Yields on U.S. money-market funds have been easing back this year in anticipation of the Federal Reserve resuming rate cuts, with yields last spotted around 4%, according to BofA Global rates researchers.

Nodding toward significant changes in the economic landscape over the last five years, Federal Reserve Chair Jerome Powell on Friday announced an updated operating framework for the U.S. central bank that reflects the return of higher inflation pressures and reduced prospect of near zero short-term interest rates.

Federal Reserve Chair Jerome Powell is set to give what could be his most consequential speech yet — just a few days after one of his colleagues was threatened with prosecution for alleged mortgage fraud.

Asia shares trade mixed on Friday, tracking an overnight decline on Wall Street amid ongoing tech stock sell-offs and anticipation of Powell's remarks. Meanwhile, Japanese shares had a mixed day. This came after new data showed consumer inflation in Japan remained well above the Bank of Japan's annual target.