Summary of Fed Chair Jerome Powell's Speech:
- Economic growth is projected to decelerate this year, with a continued decline in inflation.
- Waiting for inflation to reach 2% could take too long.
- FOMC interest rate decisions will be data-driven at the time of the meeting.
- Three data points from the second quarter have bolstered confidence in declining inflation.
- Unanticipated labor market weakness will necessitate a response.
- No signals for future meetings are being given today.
- The Fed's decisions will be based on data, not policy.
