Fed Chair Jerome Powell says a slowing job market may prompt the Fed to cut interest rates, though inflation risks remain above the central bank’s 2% target. (Scripps News)

MSNBC’s Ali Velshi and economist Heather Long break down Federal Reserve Chair Jerome Powell’s speech indicating conditions “may warrant” interest rate cuts, noting the Fed will proceed “carefully.”

Not even 48 hours after the conclusion of last month's meeting, data from the Labor Department appeared to validate the concerns of Bowman and Waller when it showed fewer jobs than expected were created in July.

Jerome Powell suggested an interest rate cut is imminent sending stocks soaring. Powell expressed concerns over the jobs market and wider economy at the annual summit in Jackson Hole, Wyoming. The chair of the Federal Reserve told central bankers and economic power-players that he was concerned that GDP had slowed and the unemployment rate was rising.

The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

Fed rate cuts are unlikely to lower borrowing costs for American homebuyers, according to one CIO. Mortgage rates and home prices remain elevated.