50 basis points rate cut! The dust has settled!

Key points of Powell's speech after the rate cut [Focus]

1. Judgment of the economic situation:

1) Economic growth: Economic activity continues to expand at a "steady pace", and the growth rate in the second half of this year is expected to be similar to that in the first half.

2) Inflation: The inflation level is closer to the target, the upside risk of inflation has weakened, and the downside risk of the labor market has increased.

2. On the decision to cut interest rates:

1) Today's decision to cut interest rates by 50 basis points has received broad support. There are different opinions and various views, but there is also a lot of consensus; the committee does not feel that it is acting hastily.

2) The Fed does not think it is behind the situation. This is a timely action and a signal of commitment not to fall behind.

3. Statement on the interest rate path:

1) No fixed interest rate path has been set, and decisions will be made at meetings one by one. The next step depends on economic data.

2) If appropriate, the Fed can speed up or slow down, or even suspend interest rate cuts; if the economy remains stable, it will slow down the pace of interest rate cuts; if the labor market deteriorates, it will also respond.

4. Other aspects:

1) There is no clear rule to determine the extent of the interest rate cut.

2) Hope and believe that the Federal Reserve will continue to maintain its independence.

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