According to the Golden Ten report, Federal Reserve Chairman Powell mentioned the improvement of the balance between labor supply and demand at least three times in his recent speech, and specifically mentioned the increase in the labor participation rate in the prime age group and the acceleration of immigration. Powell noted that as immigration accelerated, the economy's underlying capacity grew faster than output, which helped lower inflation. He also said immigration was one of many supply-side factors driving recent economic growth. However, he sees policy as restrictive and weighing on aggregate demand, meaning he still favors a rate cut.