The Fed pivot has arrived. In a speech from the Kansas City Fed's annual Jackson Hole Economic Policy Symposium, Federal Chairman Jerome Powell said that his "confidence has grown that inflation is on a sustainable path back to 2 percent" and "The labor market has cooled considerably from its formerly overheated state." As a result, "The time has come for policy to adjust. The direction of travel is clear, Powell says adding that the "timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks."

Watch Powell's full comments in the video above.

Note: Video is courtesy of Reuters & the Federal Reserve Bank of Kansas City