Here are the key points from Jerome Powell's speech: (This speech is good for Crypto)

1. Economic Recovery Post-Pandemic:

- Economic distortions from COVID-19 are fading.

- Inflation has significantly decreased, and labor market conditions have cooled.

2. Current Economic Status:

- Inflation has fallen to 2.5% over the past year, closer to the Federal Reserve's 2% target.

- The labor market is less tight compared to pre-pandemic levels, with unemployment at 4.3%.

3. Monetary Policy Outlook:

- The Federal Reserve's focus has been on reducing inflation while avoiding sharp rises in unemployment.

- Future policy adjustments will depend on ongoing data and evolving economic conditions.

4. Labor Market Trends:

- Job growth has slowed, and vacancies and wage gains have moderated.

- The increase in unemployment is primarily due to a rise in the supply of workers rather than layoffs.

5. Future Policy Considerations:

- The Federal Reserve plans to adjust its policies based on inflation and labor market trends.

- There is room for policy rate cuts to support the economy while aiming for stable inflation.

6. Ongoing Review:

- The Federal Reserve will review its monetary policy framework later this year, considering lessons from the pandemic and potential new ideas.