Summary of FED Chairman Powel's speech at the Tennessee Economic Conference:

- The recent 0.5% rate cut should not be interpreted as a precursor to similar aggressive moves in the future. The Fed is in no rush.

- The Fed will slow down in cutting interest rates in the next rounds, based on reviewing data on the labor market and economic data. The Fed left open the possibility that the next interest rate hike could be 0.25%

- He believes in the strength of the economy and believes inflation will continue to be controlled. The Fed's current goal is to support the economy, rather than rescue or prevent recession.

- After the Fed's speech, the CME Futures market is now leaning towards a 0.25% cut (57.9%) in November, instead of 0.5% (42.1%).