🗣️ Fed Chair Jerome Powell:
• We remain focused on our two objectives. The labor market remains resilient.
• Economic activity has been expanding steadily.
• Inflation is closer to our 2% target.
• The labor market continues to be strong.
• Improving supply has supported U.S. economic performance.
• Today, we lowered the interest rate range and are moving toward a more neutral level.
• Risks to achieving our goals are roughly balanced.
• We may proceed more cautiously with rate cuts.
• We do not have a predetermined path for rates.
• Policy is now less restrictive than when rate cuts began.
• Policymakers' projections for rates next year are higher, consistent with high inflation.
• We believe the risks and uncertainties around inflation remain elevated. Reaching the 2% target could take another year or two.
Fed Chair Powell: A rate hike in 2025 seems unlikely.