Summary of Fed Chair Powell's Statement (9/18/24):

1. The Federal Reserve views the economy as "strong overall."

2. There is "growing confidence" that the labor market's strength can be sustained.

3. Consumer spending has "remained resilient."

4. Inflation has eased but still "remains above the 2% target."

5. The labor market is less tight compared to pre-pandemic levels.

6. The Fed is shifting to a "neutral stance" but is "not on any preset course."

Given the economy’s strength, why is a 50 basis point rate cut necessary?

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