The chairman of the US Federal Reserve, Jerome Powell, has said “the time has come” to begin cutting its key interest rate from its 23-year high. But in a closely watched speech, Powell did not say when rate cuts would begin or how large they might be. The Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it meets in mid-September. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data. The evolving outlook in the balance of risks. We will do everything we can to support a strong labour market as we make furth…