❗️Jerome Powell (#Fed Chair):

(Part 2)

✔ Today's interest rate decision is a good start for the Fed to begin easing.

✔ I don't think we are behind schedule.

✔ The labor market is stable, we intend to maintain this.

✔ The 50 bp rate cut is NOT an attempt to catch up or change the pace of Fed easing.

✔ We want to maintain a strong US economy.

✔ Retail sales and GDP for the 2nd quarter indicate sustainable economic growth - this will also support the labor market.

✔ The Fed has been very patient, other global central banks started cutting rates earlier.

✔ There is no need for further labor market cooling to reduce inflation to 2%.