Richard Clarida, global economic advisor at Pimco and former vice chairman of the Federal Reserve, said in a report that the Federal Reserve seems likely to cut policy rates in the near term, but will do so cautiously. Powell's highly anticipated speech at the Jackson Hole annual symposium last week did not disappoint the market, and the revised monetary policy framework introduced by the Federal Reserve also did not surprise Federal Reserve observers. In the long term, the Federal Reserve reiterated its commitment to its dual mandate, while making only minor clarifications to its monetary policy framework.