India, Aug. 22 -- The U.S. dollar weakened against its major counterparts in the New York session on Friday, as Federal Reserve Chair Jerome Powell hinted at a potential rate cut next month.
In his speech at the Jackson Hole symposium, Powell said that "the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance."
Powell added that risks to inflation are tilted to the upside and risks to employment to the downside, which is a challenging situation.
"When our goals are in tension like this, our framework calls for us to balance both sides of our dual mandate."
Markets are fully pricing in a rate cut at the next month's monetary policy meeting.
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