Fed's Powell: There was broad support for a 50 bps cut today

post: FED'S POWELL: IF THE ECONOMY REMAINS SOLID AND INFLATION PERSISTS, WE CAN DIAL BACK POLICY MORE SLOWLY. post: FED'S POWELL: IF THE LABOR MARKET DETERIORATES WE CAN RESPOND. post: POWELL: ASKED ABOUT 50 BPS CUT, SAYS SINCE LAST MEETING THERE'S BEEN A LOT OF DATA INCLUDING DURING BLACKOUT POWELL: BENCHMARK REVISIONS SHOWED PAYROLLS MAY BE REVISED DOWN POWELL: WE CONCLUDED THAT 50 BPS CUT WAS THE RIGHT THING POWELL: WE WILL MAKE FUTURE DECISIONS BASED… post: POWELL: NOTHING IN OUR PROJECTIONS THAT SUGGEST WE ARE IN A RUSH post: FED'S POWELL: WE LEFT OPEN THE SIZE OF RATE CUT GOING INTO BLACKOUT.

post: POWELL: LONGER TERM INFLATION EXPECTATIONS APPEAR WELL ANCHORED post: POWELL: CONSUMER SPENDING HAS REMAINED RESILIENT post: FED'S POWELL: INFLATION HAS EASED NOTABLY, BUT REMAINS ABOVE OUR GOAL. post: *POWELL: WILL CONTINUE TO MAKE DECISIONS MEETING-BY-MEETING post: FED'S POWELL: UPSIDE RISKS TO INFLATION HAVE DIMINISHED AND DOWNSIDE RISKS TO THE LABOR MARKET HAVE RISEN.

post: POWELL: ECONOMY IS STRONG OVERALL post: FED'S POWELL: THE LABOR MARKET HAS COOLED FROM FORMERLY OVERHEATED STATE. post: Fed’s Powell: Decision Reflects Growing Confidence Strength In Labor Market Can Be Maintained - Consumer Spending Has Remained Resilient, Labor Market Continued To Cool - Improving Supply Conditions Have Supported Demand Over Past Year - Projections Show We Expect GDP Growth To… post: FED'S POWELL: THE LABOR MARKET NOT A SOURCE OF ELEVATED INFLATIONARY PRESSURES. post: POWELL: INDICATORS SUGGEST LABOR MARKET IS NOW LESS TIGHT THAN JUST BEFORE PANDEMIC

post: FED'S POWELL: RETAIL SALES AND Q2 GDP INDICATE AN ECONOMY GROWING AT A SOLID PACE, WHICH WILL ALSO SUPPORT LABOR MARKET. post: FED'S POWELL: WE DON'T NEED TO SEE FURTHER LOOSENING OF LABOR MARKET TO GET INFLATION DOWN TO 2%. post: POWELL: IMMIGRATION IS ONE OF THE THINGS THAT HAS ALLOWED UNEMPLOYMENT RATE TO RISE post: Powell: "It feels to me the neutral rate is probably significantly higher than it was back then" [before the pandemic]. post: FED'S POWELL: WE ARE NOT DECLARING VICTORY ON INFLATION.

post: FED'S POWELL: HOUSING INFLATION IS ONE PIECE THAT IS DRAGGING A BIT. post: FED'S POWELL: MARKET RENTS ARE DOING WHAT WE WANT THEM TO DO, BUT THEY ARE NOT COMING DOWN AS MUCH AS EXPECTED.