Summary of Jerome Powell's remarks

Fed Chairman.

📌 Risks are likely to be to the contrary, so decisions will be meeting by meeting

📌 Our monetary policy will move over time toward a more neutral stance if the economy improves broadly as expected.

📌 The US economy is solid and we are keen to use all our tools to keep it solid

📌 We have made good progress toward restoring price stability without a painful rise in unemployment.

📌 The 50-point rate cut reflects growing confidence in our policy benchmark and that inflation is moving toward the target

📌 Recent data suggest further progress toward a sustainable return to 2%.

📌 My colleagues and I are very confident that inflation is on its way to 2%.

📌 Business conditions are tough, and the labor market is roughly in equilibrium.

📌 There is nothing to suggest that we are heading into a recession.

📌 The Fed is in no rush to cut rates quickly, and will be guided by the data.

📌 If the economy performs as expected in September, we will see two more 25-bp cuts.