Federal Reserve Chair Jerome Powell gave a speech on the central bank's outlook on the economy and interest rates at the Jackson Hole Economic Symposium. Powell remarked that the "time has come" for the Fed to begin a rate-cutting cycle, a signal of what's to come at the Fed's September FOMC meeting.

In today's episode of Catalysts, Seana Smith and Madison Mills interview top strategists and economists to gauge their reaction to Powell's comments.

Morgan Stanley Investment Management senior fixed income portfolio manager Vishal Khanduja details the policy tools Fed officials still have at their disposal to avoid a "massive recession" and achieve a soft landing scenario for the US economy.

Homrich Berg chief investment officer Stephanie Lang and Interactive Brokers chief strategist Steve Sosnick join the program to weigh in on how Powell's speech further affirms the Fed's dependency on upcoming economic data ahead of its September meeting.

Dartmouth College economics professor and former Federal Reserve economist Andrew Levin lists off the ways the labor market could cool before the Fed gets to enact any rate cuts.

Watch Federal Reserve Chair Jerome Powell's full speech here.

This post was written by Luke Carberry Mogan.