⚡ Jerome Powell (#Fed Chair):
✔ The economy is generally strong.
✔ The labor market continues to cool, a notable improvement from earlier this year.
✔ Our decision today reflects growing confidence that labor market stability can be maintained.
✔ Consumer spending remains stable.
✔ Inflation has declined markedly, but remains above our target.
✔ The labor market is not a source of increased inflationary pressure.
✔ We expect stable GDP growth.
✔ Risks to inflation have declined.
❗️ Risks to a worsening labor market (employment) situation have increased.
✔ Our forecasts are not a plan or a decision.
✔ We will adjust the Fed's monetary policy as needed.
✔ If labor market conditions worsen, we will be able to respond. ❗️ We can cut rates faster or slower, or pause if appropriate (all depends on the economy).
✔ Most Fed chairs supported today's 50bp cut, but there was a lot of debate.