Richard Clarida from Pacific Investment Management Company (Pimco) indicated in a report that the Federal Reserve appears poised to lower policy rates in the near term, though it will adopt a cautious approach.

The global economic advisor noted that Federal Reserve Chairman Jerome Powell's speech at last week's closely watched annual Jackson Hole symposium did not disappoint markets, and the Fed's revised monetary policy framework did not surprise Fed watchers.

Clarida, who served as Federal Reserve Vice Chairman from 2018 to 2022, stated: "Looking at the long term, the Federal Reserve reaffirmed its commitment to its dual mandate while making only minor clarifications to its monetary policy framework."