I reviewed Powell's speech today. I feel that there is no clear statement. Many reporters are concerned about whether the Fed's 50% interest rate cut is due to the impact of the economy. Powell did not make a clear statement. Of course, he emphasized that the current labor market is still stable, but if the interest rate is cut too quickly, it may hinder inflation. In a sense, Powell does not seem to support further interest rate cuts. Of course, the focus still depends on the next data.
Today's focus is on "the risk of repeated inflation and the risk of high unemployment are balanced." The speed of inflation decline is faster than expected, which should be the main reason for the Fed to increase interest rate cuts.
As for the future, it is normal for Powell to play Tai Chi. He will definitely not announce the rhythm of the next interest rate cut in advance, but judging from the dot plot, the possibility of 25 basis points in November and December is still quite high.