Fed Chair Powell:

Our economy is strong, inflation has fallen from its peak to 2%.

We are seeing some cooling in the labor market.

Inflation has slowed but is still above target.

Long-term inflation expectations are under control.

Consumer spending remains strong.

Housing investment fell in the second quarter.

GDP growth is expected to remain strong.

The labor market is less tight than before the pandemic.

Inflation is near target, risks have diminished.

Interest rates have been cut by 50 basis points.

Decisions will be re-evaluated at each meeting.