(Reuters) -Barclays and BNP Paribas expect the U.S. Federal Reserve to cut interest rates in September, after Chair Jerome Powell signaled a shift toward an easing bias in a speech at Jackson Hole, the brokerages said in separate notes on Friday.

Jerome Powell, chair of the US Federal Reserve, hints at possible interest rate cuts in a crucial speech, while warning of rising inflation risks and a weakening job market.

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months, but gave no hint on the timing of a move and suggested the central bank will proceed cautiously as it continues to evaluate the impact of tariffs and other policies on the economy.