⚡ 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.