Summary of Jerome Powell's remarks
Fed Chairman.
đ Risks are likely to be to the contrary, so decisions will be meeting by meeting
đ Our monetary policy will move over time toward a more neutral stance if the economy improves broadly as expected.
đ The US economy is solid and we are keen to use all our tools to keep it solid
đ We have made good progress toward restoring price stability without a painful rise in unemployment.
đ The 50-point rate cut reflects growing confidence in our policy benchmark and that inflation is moving toward the target
đ Recent data suggest further progress toward a sustainable return to 2%.
đ My colleagues and I are very confident that inflation is on its way to 2%.
đ Business conditions are tough, and the labor market is roughly in equilibrium.
đ There is nothing to suggest that we are heading into a recession.
đ The Fed is in no rush to cut rates quickly, and will be guided by the data.
đ If the economy performs as expected in September, we will see two more 25-bp cuts.