What a September Cut Could Mean for the Economy and the Election

(Bloomberg) — Never miss an episode. Follow The Big Take daily podcast today. The time has finally come for a rate cut.

That was the takeaway of Fed Chair Jerome Powell’s remarks in Jackson Hole on Friday when he let the world know to expect a cut at the next ​​Fed meeting in September.Bloomberg’s Mike McKee joins host Sarah Holder from Jackson Hole to discuss what that cut could look like — and what it would mean for the economy, the US election and the American consumer. Listen and follow The Big Take on Apple Podcasts, Spotify or wherever you get your podcasts Here is a lightly edited transcript of the conversation: Sarah Holder: On Friday morning, some of the most powerful people in the financial world crowded into a lodge in Jackson Hole, Wyoming to hear the latest announcement from Federal Reserve Chair Jerome Powell.

Bloomberg’s Mike McKee was in the room. Mike McKee: The Fed meeting takes place in an unadorned meeting room with deer antler lights hanging from the ceiling and just long flat tables with folding chairs we sit on. It isn’t glamorous at all, but it is a beautiful location, at least.

Holder: What’s the energy in the room like when everyone’s waiting for Powell to take the dais? McKee: You know, people in this business, in here, are pretty used to this sort of thing, so it’s not like you’re at a rock concert waiting for somebody to show up. But people are interested, very interested in what he has to say, particularly where they’re .